May 23, 2019
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
Key Points From This Episode:
- An overview of Brad’s education and how he got into the car
- 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
- 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.
- Factors to consider when you want to buy out a leased vehicle.
- Weighing up whether it is best to lease or to buy used.
- Advice for buying used cars and what protection there is for
- 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!