In operating a used car business, it is always important to carve a good reputation as a car dealer, one with a trustworthy image, because once customers will recognize that you are an honest dealer, they will expect that your service will be excellent and much better than the nearby competitors.
When you are planning to attend a car auction to acquire a used car, make first the necessary preparations before buying, such as: acquire a vehicle inventory in a used-car auction; bring a car expert to assist you in distinguishing which car is still worth the investment of selling; make rough calculations on the repair cost and labor cost for a chosen car in the auction to be put back in running condition and use this estimate to decide if you can make a profit; don’t overbid for a car that may need a lot of repair; when you have won a car, which you think is worth the investment, pay for it and secure the important paperwork, including the car title.
Hire a licensed car mechanic to repair the faulty parts, as soon as the newly-bought used car has been brought to your car lot, and instruct the mechanic to document all the repairs made, so you can take into account the total cost of repair; then hire a professional auto detailer to clean the interior and exterior to make the repaired, used car presentable to the customers.
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A neat and inviting appearance is an essential factor to attract customers, therefore, do the following maintenance upkeep in your car business: sweep and get rid of debris, sticks, rocks, pebbles that are on your car lot, wash regularly your business signage and power wash the exterior walls of your shop; clean regularly your office and maintain an organized desk arrangement; sweep and mop regularly the car showroom; make park arrangement of your used cars in a practical set-up ensuring enough spaces for customers’ inspection and in the opening of the car doors.
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For cars that have been serviced and repaired, offer warranties, such as a 60 or 90 day warranty, and this approach will help convince customers to buy your car.
Instruct your staff to greet well each customer, assisting and talking to customers on their inquiries and demonstrating proper business conduct, always.
Always compute for the minimum price of the used car without forfeiting your profit and, with that, put a 5 to 10 percent mark up as the vehicle’s total dealer cost, and use this price during the negotiation process when customers will be haggling for the lowest price you can give. When customers would like to trade-in for a new used car, be also prepared for the right trade-in price, which you can refer from recent publications of the National Automotive Dealer Association guidebooks.
Always be conscious to be customer-oriented, offer a free vehicle identification number report or background check on your used cars and make follow up on your customers, either by direct mail or telephone call, to thank them for buying your used car.