My New Challenge: Selling 20 Cars per Month

TLDRDespite my initial hesitation, I have set a goal to sell 20 cars per month. Although we sold 19 cars in February, we face the challenge of not having enough cars in stock. To overcome this, we have taken a risk and purchased two cars from CarMax. Additionally, we are exploring buying cars from the street and participating in auctions. It's a journey filled with ups and downs, but we're determined to succeed.

Key insights

🚗Setting ambitious goals can push us to take risks and grow in our business.

💼Having enough inventory is crucial to meeting sales targets in the car dealership industry.

💰Taking calculated risks is necessary to achieve success, even if it involves purchasing cars with existing issues.

⏰Participating in auctions and buying cars from the street can be challenging, but it allows us to learn and diversify our sourcing methods.

💪Overcoming obstacles and learning from experiences are essential in building a successful business.

Q&A

Why did you set a goal to sell 20 cars per month?

—By setting ambitious goals, we challenge ourselves to take risks and grow in our business. Selling 20 cars per month is a stretch target that pushes us to go beyond our comfort zone and strive for excellence.

How do you plan to overcome the challenge of low inventory?

—To address the issue of low inventory, we have taken the risk of purchasing cars from CarMax, exploring buying cars from the street, and participating in auctions. These strategies allow us to diversify our sourcing methods and ensure we have enough cars to meet our sales targets.

Why did you decide to buy cars with existing issues?

—Buying cars with existing issues is a calculated risk we're taking to increase our inventory and meet customer demands. While it may require additional investment for repairs, we believe it is a worthwhile strategy to expand our car selection and attract a wider range of customers.

What are the challenges of participating in auctions and buying cars from the street?

—Participating in auctions and buying cars from the street can be challenging due to competition and the need for quick decision-making. Timing is crucial as bidding and negotiation happen within seconds. However, these challenges provide valuable learning experiences and opportunities to improve our sourcing strategies.

What are the key takeaways from your journey so far?

—Our journey has taught us the importance of setting ambitious goals, taking calculated risks, and learning from every experience. Overcoming obstacles and adapting to changing circumstances are essential in building a successful business in the car dealership industry.