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He Lost $1.2M in 2009. Now He Sells More Used Cars Than Carvana in New York & The Lessons That Mattered | Bill Solko, Dealer Principal at Automotive Avenues
Description
Today Guest Host Matt Haiken is joined by Bill Solko, Dealer Principal at Automotive Avenues.
In 2009, Bill's accountant told him he had lost $1.2 million, and a few weeks later he drove past an empty dealership and decided to go retail.
Last month Automotive Avenues sold 1,025 used cars across two New Jersey stores, and it outsells Carvana in the New York market while making around $800 a car, compared with the $3,800 Bill says the big box players target.
Bill breaks down his "wholesale to the public" model, why he retails aging cars instead of dumping them at auction, and why he throws predatory lenders out of his office.
He also reveals, publicly for the first time, the private equity acquisition that timed out after a year in contract.
Topics:
02:45 Dropped Out Of High School In 10th Grade.
09:45 Wholesaling Was Commodities Trading.
13:25 Accountant Said He Lost $1.2 Million.
17:25 Auction Owner Said Buy, We'll Figure It Out.
26:40 Selling 1,000 Cars With $800 Margins.
34:30 Manufacturers Create Artificial Demand.
50:35 Rejects Predatory Lender Programs.
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