Hey guys, I wanted to know if anyone here has their own Classic/Muscle car dealership?

Im getting a degee in business management with the intentions of opening my own dealership.

My only concern is location. I live in upstate NY and would love to stay around the area. Im pretty sure that isn't the best place to be successful in that field in interest.

If you could, where would you open your dealership?


Thanks for any and all input guys.....Please post some pics of the business if ya"ll dont mind!


Justin

You are from upstate NY and say Ya'll.LOL

Hey wait a minute..we dont say ya'll in upstate ny. :) I have often wondered the same about the possibility of a successful classic car dealership in upstate NY. There are a couple big dealers in Ohio and the weather there isnt all that different. I would be more concerned that dealers seem to be popping up all over the place and their is a cap on the market in terms of both supply and demand.

Jimmy, he's still South of the border ... Canadian border that is
:D lol.

You are from upstate NY and say Ya'll.LOL

haha....I knew someone would comment. I think it sounds better that you all!!!

where in central new york?
i will come work for you and test drive every single one ! !
we will talk about my hourly wage later!
mike

Theres a muscle car dealership about 20 or so min out of Pittsburgh called Renards, (very nice). Pittsburgh seems to be a big muscle car place so you might want to give it a shot here?

Keep us informed as to your intentions. We would gladly support you and wish you all the luck in the world. Ya'll come now.

Man...some of you guys need a language lesson!

For future reference;

"y'all" is singular
"all y'all" is plural
and "all y'alls" is plural possessive

Get it right boys!

Man...some of you guys need a language lesson!

For future reference;

"y'all" is singular
"all y'all" is plural
and "all y'alls" is plural possessive

Get it right boys!

This, from a guy from the mid-west?

Man...some of you guys need a language lesson!

For future reference;

"y'all" is singular
"all y'all" is plural
and "all y'alls" is plural possessive

Get it right boys!

And You'ns is Y'all + 3.

I ain't got none ideas wut ya'll alls r talkin' 'bouts.

And You'ns is Y'all + 3.

Don't get me started on ya'll MN folks dialects! My girlfriend and her entire family are from MN, and boy they sound funny at times :D

Do a little research on the market before you jump in. There will be a LOT ov overhead just in the inventory. No doubt classic cars are hot right now but, how long will that last. There are several classic car dealers in the bay area (CA) some have been in business for a while. You will be working with a small customer base. Not everyone needs or wants a classic car and most that do like/want them don;t have he money that dealers ask for them. Most of the "shoppers" at the classic car dealers are there to "look" not buy from what I've seen.

I may not know how tu spel "muskle car deelr" but I ar one!

There will be a LOT ov overhead just in the inventory. No doubt classic cars are hot right now but, how long will that last


I think you are 100% correct. The overhead must be amazing. Just to own four "good" cars might cost you $100K. Also, somewhere to sell/store them. Rent/Purchase expenses.

I guess like any successful business, start off small and expand to a comftorable size. I would love to get into the high end foreign cars. Lamborghini, Ferrari, Bentley etc....

I think there is a great busiess for this, especially trying to find cars for people. It would be fun and a wonderful experience.

Being a "Broker" in the begining would be a much better way to start. Be the middle man and "find" the cars for yourr clients. Costs you very little just time, you make money on the deal. If you want to get into high end cars you need to live in an area (or at least deal) that has lots of money ie...Beverly Hills. It will be hard to make it selling top end cars in a middle or lower class area. There is definetly money in cars. You might also think about a used car lot and slowly turning it ove into higher valued cars. You can make money to build your business. I know a couple of dealers and getting the money for the inventory is not all that hard but, you have to be able to move the product. Ask yourself if you were in the market for a Ferrari or a Porsche and had the money, would you buy it from a corner lot or would you go to the authorized dealer? Unless you are talking old classic iron you might want to stay away from the high end stuff. With classic cars they can't go down the street and find another one.

No dealership but, my wife says if I screw up this years anniversry (20th) it will turn into a garage sale.

Being a "Broker" in the begining would be a much better way to start. .

And if you aren't careful, you will be "broker" than you are now. :)

I did a business plan on starting a small collector car dealership last year and learned a great deal in the process. Most banks aren't interested in financing collector cars, so if you don't have the money to buy the cars, you'll need to use your home line of credit or find outside financing. I figured $200,000 for 4 -6 decent cars at 6% is about $12,000 in interest charges. Rent, insurance, licensces and building maitenance for a small 1,500 sq ft industrial unit is about $20,000/years and many building owners will not allow automotive uses (even a small car dealership with no outside lot) in the better areas and buildings. So that's $32,000 in fixed costs per year without salaries etc. You can't buy collector cars wholesale, so you either have to buy at retail and tack on your profit and wait for the right buyer or find someone willing to sell below market for whatever reason. This is why you always see the bigger dealers with cars priced $5K - $10K over the private sale market. After all is said and done, you need to really want to do this to make a go of it. I am doing it for different reasons and really just want to break even each year, so I am going to give it a go next year I think.

Hey wait a minute, I thought the upstaters were all from "New Yalk"...:)

I have a friend that will finance cars that I find for him. This last year I found 6 cars and he paid me 40% of the profit. On two of the cars we made 8 grand, and between 2 and 4 thousand on the others. I don't have the same deep pockets that he has, but it's sure fun finding the cars. If I could make it a full time job, I would.

Don't get me started on ya'll MN folks dialects! My girlfriend and her entire family are from MN, and boy they sound funny at times

Hey, we just speak really clearly......LOL Though I do know some folks that really talk like they should'a been in "Fargo".....yah.....yabetcha.

I know a guy in Michigan that is a consignment dealer only and he tells me he is forever involved in lawsuits from either the seller or the buyer, even thought there are contracts laying out all the specifics. There must be some decent money in it, however, because he has been doing it for 10 to 12 years with all the grief.

I have a friend that will finance cars that I find for him. This last year I found 6 cars and he paid me 40% of the profit. On two of the cars we made 8 grand, and between 2 and 4 thousand on the others. I don't have the same deep pockets that he has, but it's sure fun finding the cars. If I could make it a full time job, I would.
Oregon does seem to have good cars at good prices, at least compared to CA. Around here (LA area), good deals get snapped up right away. It seems everyone is looking for undermarket cars to flip.
I would be interested in hearing more specifics on your recent profitable deals.

Well now may be a perfect time for me to consider this business. After 29 years with the same company( different jobs through promotions) I was fired/laidoff today. Have a good severence package but it is time to do something different. Me along with about 45 other get a chance to see what else life offers.LOL

Well now may be a perfect time for me to consider this business. After 29 years with the same company( different jobs through promotions) I was fired/laidoff today. Have a good severence package but it is time to do something different. Me along with about 45 other get a chance to see what else life offers.LOL

Im sorry to hear that. I hope everything works out well, and strive to start your own business.

Be your own boss, its the way to go.......from what I hear of course :thumbsup:

We recently had a classic car rental business open up. I'm curious to keep an eye on how they do.

I think for selling, consignment would be the way to go. Basically open a showroom for people to park their cars at and charge a percentage. I'd bet insurance would be pretty high.

My general opinion of most Classic Car dealers is that they are not too honest.

I have also been toying with the idea, and I have 2 backers for money... 50/50 on the profit... I/we will only consider either very original or highly documented cars. I do not buy on emotion, and I make sure that I am
FULLY informed on the vehicle I am considering. I also have found it very beneficial to pay finders fees to local people who put me onto cars that I ultimately purchase, you would be very surprised what seems to "come out of the woodwork" when you pay $1000 for a finders fee.

And if you aren't careful, you will be "broker" than you are now. :)
AMEN too that!!!!!

I would think if you were going to start a Classic car dealership in New York State somewhere south of Albany would be a good place. You would draw from NYC and New England States as well. Maybe Poughkeepsie area. Orange County choppers is in that area as well.

One of the bigger dealers in Northern California is all consignment. They have a nice showroom. They charge the seller a monthly fee to keep their car in the showroom and then take a percentage of the sales price.

One of the nicer dealers in the Tampa, FL area actually charges admission to keep the traffic volume down. They have some very, very nice cars that would be difficult for most people to find on their own. They charge a premium, but people are willing to pay.

Another dealer near Tampa is not open to the public at all. They sell exclusively via ebay. This dealer keeps fixed overhead down because they don't need a nice, big showroom or salespeople to deal with walk ins.

Also, most dealers seem to sell and ship all over the country and abroad, so location may not be the most critical factor. Having a good supply of cars to sell from the local area might help, especially if you go the consignment route.

Well now may be a perfect time for me to consider this business. After 29 years with the same company( different jobs through promotions) I was fired/laidoff today. Have a good severence package but it is time to do something different. Me along with about 45 other get a chance to see what else life offers.LOL

sorry to hear that