May 5, 2022
On this episode, Chris talks with the anonymous @CarDealershipGuy (https://twitter.com/GuyDealership) about the used car business – how it works and how money is made. They also cover how to negotiate the best deal possible when buying a used car and the current state of the used car market and where we go from here.
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(1:35) - Why did you create this twitter account and what’s your angle?
(6:06) - All the tips and tricks to know when buying a used car
(9:30) - Is there a way to know if your dealership is reputable?
(11:53) - Buying vs. Leasing
(14:03) - Why did we see a 40% spike in prices?
(16:14) - What’s a depreciation cycle?
(18:59) - How do you determine whether a purchase is for lifestyle vs. value?
(19:54) - What are folks going to do if they bought at the peak of the market and now depreciation is kicking in?
(23:32) - What’s the process of best financing a used car?
(25:26) - How do you think about warranties?
(33:19) - What are some red flags you might see in the buyer’s journey?
(36:30) - How to Negotiate a Car in Normal Times and How Car Salesmen Are Actually Paid
(48:00) - Where do most dealerships get their inventory?
(51:03) - How do auctions work?
(54:25) - Buying inventory online
(55:38) - Can anyone become a used car dealer?
(58:42) - What separates the great used car dealers?
(1:02:11) - How do car dealers make money?
(1:10:39) - How do you define added products?
(1:13:10) - How do inventory supply negotiations work?
(1:14:13) - Buying Out Your Lease and Then Selling vs. Selling While Under Lease
(1:15:07) - Is there a growing demand for electric vehicles?
(1:21:28) - Is there anything in the innovation space that will appeal to the average consumer?