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

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. This episode is brought to you by: 1. Turn Automotive – Retail more vehicles. Buy cars right from customers’ driveways. Their in-store appraisal tools help sales staff overcome trade objections and free managers to focus on desking deals. Their guaranteed offers help dealers know their exit before they own the trade, especially vehicles that don’t fit their retail stocking plan. Off-Site Appraisal lets dealers appraise and buy vehicles directly from customers at home. Plus, every transaction includes their industry-leading warranty. Schedule your demo today @ here. 2. LotAgent – Stop stacking software. Agents are the way out. One problem, One Agent, only $99. 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