May 23, 2019 Advanced Investing Personal Wealth The Rational Reminder Episode 47: The Used Car Business: Inventory, Margins and Customer Experience, with Brad Boehme. Today we’re talking about a slightly different topic from the usual – used cars. We have Brad Boehme joining us and he is the Dealer Principal/General Manager at MyCar, a successful used cars dealership that has three different locations around the country. Brad shares with us how he got into the industry, how the 2008 financial crisis helped them to start the business, where they source their inventory from and why the profits are in the buying more than in the selling. Client experience is a high priority for them, and he tells us how they approach negotiations with clients and what he advises listeners to consider before leasing or buying a car. Tune in today to learn more about the business of used cars! Subscribe to the Rational Reminder podcast Key Points From This Episode: An overview of Brad’s education and how he got into the car business. [0:1:46.0] The different roles that taught Brad about remarketing and the ins and out of the trade. [0:02:54.0] Why the financial crisis of 2008 was an opportunity to start a used car business. [0:4:10.0] What volume of inventory they typically have between the three locations. [0:05:41.0] Where they source their cars from and why the buying process is so important. [0:07:23.0] The digital platforms they use to buy and sell and what the process involves. [0:08:55.0] How car dealerships make profits, where the margins are and understanding lot packs. [0:12:12.0] How they approach negotiations with clients and prioritize customer experience. [0:14:57.0] Buying and leasing new cars and how residuals work. [0:16:42.0] Factors to consider when you want to buy out a leased vehicle. [0:20:27.0] Weighing up whether it is best to lease or to buy used. [0:21:35.0] Advice for buying used cars and what protection there is for consumers. [0:24:58.0] The cars that are investments and that have a good growth rate on them. [0:29:42.0] The aspects of the business that are most rewarding to Brad and how he defines success. [0:31:25.0] And much more! Tweetables: “Obviously having a large selection, we typically try to keep at least 500 cars in stock between our three locations so when the client comes into our store, they have the opportunity to drive multiple different brands at the same time.” — @MyCarMyRv [0:05:41] “Our main focus is customer experience and buying experience, especially in the last couple of years.” — @MyCarMyRv [0:15:32] “There is also protection on the side of the car dealer as well. It works both ways. You can’t just say ‘Here is my car back’, because a lot of the times, especially if it was financed through a bank, the bank has now assumed liability of that loan and they can’t just “unwind” that deal.” — @MyCarMyRv [0:28:33.0] Links From Today’s Episode: Rational Reminder Website — https://rationalreminder.ca/ Brad Boehme on LinkedIn — https://www.linkedin.com/in/brad-boehme-3a265759/ MyCar.ca — https://www.mycar.ca/ EBlock — https://eblock.com/en-us TradeRev — https://www.traderev.com/en-us/ Guaranteed Trade — http://guaranteedtrade.com/ vAuto — https://www.vauto.com/ Better Business Bureau — https://www.bbb.org/ LeaseBusters — https://www.leasebusters.com/en/default.asp OMVIC — https://www.omvic.on.ca/portal/ CarFacts — https://www.carfacts.com.au/ Download the transcript of this episode: The Rational Reminder Podcast Ep.47 – Transcript Share: Facebook Twitter LinkedIn Email CIRO Advisor Report
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