SteveG

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About SteveG

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    Newbie

Profile Information

  • Your industry Other
  • Dealership/company name Newco
  1. Potential New Trader

    An update, looked at some units and spoke to my acct. Doing all the numbers and to start with I’m proposing - I have a 3 car garage at home andwith a small rafter mod it let’s me get 3 x 2 lifts in meaning storage for 6. Just getting the structural engineer to put the building warrant in - keep the cars detailed, on trickle charge and secure at home, no sales from home - sell from an office space that I can use in a nice industrial estate. It’s £200 a month for the dedicated office and use of communal space all brand new. I will do other stuff at that office - went to the Rs owners club meet recently and see that as a (amongst others)good source of future stock. I’m known there so have some relationships a unit has big overheads to start with so that’s the plan. Thoughts?
  2. Potential New Trader

    Nothing comes easy.....their accts are strong net asset growth from 2011 of £157k to £1.3m in 2017 and a £300k jump from 16 to 17
  3. Potential New Trader

    I follow them.....the owner isnot to everyone's taste but they have beautiful stock and turn it quick. He is the premier specialist in the marque and good luck to him. I know scots guys who have sold their cars down there based on them being the market leader and the first port of call for a sale.
  4. Potential New Trader

    Flame away mate..no probs mate For sourcing I'm active in Porsche owners club (got a cayman r) and in the Focus RS owners clubs and forums (got a mk2 st and 3 RS). Go to monthly meets etc. That's a potential route for stock as know quite a few boys there and they tend to move from mk2 to mk3 and you see some of the younger guys move out of fiesta st to rs etc. They buy their cars somewhere and in the digital age folk will travel. Flights are cheap to Glasgow ! Looked at some of the auction prices being paid and they are quite tight! If I can be bold and ask - for the stock profile I propose is £100 / £150k p.a.net achievable when established?
  5. Potential New Trader

    Hi - had look on Daltons last night, I know where that one is about 30 min drive from home so not too far. I have a couple of deals completing where I am here and have to see them through for a back end bonus, probs Oct/ Nov before I can get freed up . I'm aware that to be successful in any field you need to get stuck in and try and get some competitive advantage. I have a passion for cars, always have. My deal work is primarily in financial services business but spoke to a couple of guys who have had to get involved in (re)structuring work for automotive - their advice to me is forget about x sales per month and ruthlessly set a net profit target for the year, Return on capital employed is the key measure. The other advice I got is the buying is more important than the selling as good prep, price and customer service can help on the sales side. Re Sipp for old pubs - great idea and they can be picked up for a bargain, holding as residential is a challenge though
  6. Potential New Trader

    Thanks for the replies....I’m shite at golf! I have worked hard to get to this position but I’m away from home at 0430 on a Monday and back at 1030 on a Thursday evening in current role. I currently stay in a. Flat in Manchestermon - thu and work 15 hours a day so not afraid of grafting. My old man died of prostate cancer at 70 and that hit me really hard, I’m really lucky I have this opportunity with the non exec roles. They will pay the household living costs.... Spoke to the wife about my plans and she is all for it if that’s what I want to do. Any thoughts on the stock profile I’m thinking of? I see some dealers in scotland who stock a few Rs, Gti etc and they seem to turn their stock in about 6 weeks. My thoughts are with these cars you will tend to get decent part ex and a good chance of finance commission
  7. Potential New Trader

    Thanks for the advice - I had thought about using my Sipp to try and buy premises, I had not thought about buying a dealership
  8. Potential New Trader

    Hi been reading this forum for a wee while and bought the guide. A bit about me.. 46 live near Glasgow, work in Mergers & Acquisitions and have made good money..Travelling a lot and working really long hours. I have a passion for cars and have a nice personal fleet, active in a couple of owner club circles, Porsche and Focus RS. My car sales experience was for 4 years whilst I was at Uni. My unclewas GM in a Ford franchise and I used to work weekends in sales, prep etc and then over the summer months off uni and he gave me good work experience in sales as I essentially covered for the married sales guys who were taking time off for holidays. The money was decent as a kid and I got a buzz out of selling and seeing folk drive off happy. Im now in the position where given my M&A experience I am about to take up 3 Non exec director roles that calls on5 days a month of my time but pay really, really well. My father recently died and I'm at a point of inflection in life. Spoke to my uncle who is now retired and he says if you want to go for it do it right..... There are a couple of units available nearby c3000 sq feet for circa £1400 per month and I'd like to specialise in cars that I know well. Fiesta St, focus st/rs, Porsche (have owned quite a few). I'm not afraid to take a risk and have c£300k available to start up, fit out and buy stock. I have in my head a target of 15 cars a month and having sold recently a couple of focus st / rs I know what you need to do mechanically to get them prepped. My thoughts are for staffing me, a nephew who is a car nut and just graduated from uni, he's great at digital media and has got himself trained up in car detailing. My uncle is recently semi retired and is a qualified mech and auto electrician. He does a couple of homers a week to keep his hand in and would be happy to do mech prep as he enjoys working on fast fords. My son would like to join when he leaves school in 18 months. He does not fancy university ad would like to work in the industry I would not be making any major drawings out of the business as would be living off my non exec fees, keen to do this to create an enterprise that offers well prepped cars cosmetically and mechanically and build a reputation as a specialist in fast ford, hot hatches and a few porsches. I don't think I will have a problem selling its buying where the skill will be and active in owners club may give some advantage but probably will find this part the most challenging My first question is am I mad to even contemplate this?? I I know the stock can hang around for a wee while but I will have zero debt to anybody so not scared and another income source, I'd like to offer finance also so would need to get approved, how long has it taken anybody as a start up to get to a position where they are offering finance? Thanks for taking the time to read and all advice welcome