Alex Chester

Company: Bare Knuckle Consulting

Alex Chester

Bare Knuckle Consulting

Jan 1, 2021

3 Reasons I wish I had a live market data valuation tool in 1999

Freezing cold, damp winter evenings attending car auctions in Chester, England will always hold a special place in my heart. The smell of meat pies, coffee, hot chocolate, and way too much Benson and Hedges tobacco, remains sealed in the deep fibers of my thick warm overcoat. 

The memory that holds an unwelcome place in my heart is fumbling through my 2-inch thick black-book, frantically looking for the value of a car with freeze bit fingers.

No advanced notice of sale giving me time to prep. No mileage adjustment built into my paper black-book. No condition report. No market data. Just my gut and a dumb youthful appetite for success. How on earth did I ever make money?

 

This leads me to think, how does anyone in the USA make money today without these tools? More so, how do they compete with dealers that do use them?

Here are the top 3 reasons I wish we had the technology we have today when I was buying cars in 1999;

1- The ability to know which cars I should buy. Today I would have the luxury of knowing how long it will take me to sell a vehicle I am considering buying.

If my No1 focus is the quick profitable turnover of my inventory, which it better be; I'd better start by buying the right vehicles. I need to buy inventory that I know will sell quickly. Appraisal tools like Carketa's tell me how long it will take to sell the vehicle I'm considering buying.

2- The ability to know how many vehicles are for sale in my defined relevant market and how many have sold.

Do I want to buy vehicles to sell in my market already saturated with the same make and model? Well, yes, if the demand is sufficient to ensure I can sell that car quickly. Or, no, if supply and demand are out of whack. This tool makes me look like a frikken PHD.... I wish.

3- The ability to know all of the market's comparable pricing including, current and sold prices.

Selling quickly is great but I still need to make a good profit!! How do I know what I should pay for a specific vehicle? How do I know what I should sell it for so that the most popular search on add platforms (lowest price) positions me where I want to rank?

There are many reasons I love technology. But nothing gets my attention more than the technology that helps me easily dial in the most important things in my life, add huge value and make it ridiculously lightning fast. 

The fact that these tools are now so affordable blows me away that every dealer doesn't use them. What a difference it would have made to my life in 1999. This would have truly tipped the scales.

Please get out of the 90's; don't be left behind and take a look at the options out there. The best one for me of course is Carketa's. How it uniquely works within the recon tool and helps to stay on top of price changes is fantastic!!

OK, so I'm biased! You would be also.... Just take a look.

 

Alex Chester

Bare Knuckle Consulting

Founder Bare Knuckle

Alex Chester is the founder of Bare Knuckle Consulting. He is the last of the famous international hooligans and the first auto dealership petrol head.  Bare Knuckle helps Auto Dealers to significantly increase inventory turnover and profit by improving on operational inefficiencies and software application adoption while more effectively competing online. All without any increase in capital expenditure.

211

No Comments

Recommended Posts

Audi Queens

Audi Queens is your trusted Audi dealer in Queens, NY, offering new Audi vehicles, Audi used cars, Audi SUV lease options, and Audi Q3 certified pre-owned models. Explore our full inventory and experience premium performance and service. More …

Audi Queens

Audi Queens

19
6 days ago

Frank Leta Honda

Frank Leta Honda, a leading Honda dealership in St. Louis, MO, offers a wide array of new and used Honda cars, crossovers, SUVs, vans, and trucks, all with Lifetime Warranties. Our selection includes the latest Honda models and quality pre-owned …

Frank Leta Honda

Frank Leta Honda

20
Last Week

INFINITI of Smithtown

INFINITI of Smithtown is your trusted Infiniti dealer in Smithtown, NY, offering a wide selection of new Infiniti for sale and quality used Infiniti for sale. Visit our Infiniti service center for expert maintenance and repairs, and explore the l…

INFINITI of Smithtown

INFINITI of Smithtown

41
May 27th

Airway Auto Parts

At Airway Auto Parts, we buy junk cars for cash in southwest Michigan. Don’t let an old vehicle sit unused—sell a car for cash today! If you need to sell a damaged car, call us now for a quick, hassle-free removal. We’…

Airway Auto Parts

Airway Auto Parts

37
May 22nd

Handcrafted Silver Candle Holders

Discover Handcrafted Silver Candle Holders at La Plata—where timeless elegance meets artisan craftsmanship. Ideal for weddings, festive events, or luxury gifting, our bespoke creations reflect refined taste and artistic splendor, perfect for co…

Laplata Plata

laplata

31
May 20th