Any tote the note owners?

[Vertnut]

I have an acquaintence that's been in the "tote-lot" biz for about 25 years. Tough, no-nonsense S.O.B. Seen it all, heard it all, and a heart of stone. He used to do his own repo when he first started, but hires it out now. He says he's sold the same cars 6-8 times before anyone actually pays them off. He's in the Grove, so it's a tough area. He has a lot of regular customers, because they have nowhere else to go, and he has pretty good (reliable) cars, too.

[Chopped54]

I know quite a few people that own them and make a damn good living doing it.

When you get ready to start let me know if you need any cars. I sell to wholesalers and a shit load of small lots and typically have quite a few cars that are nice enough to loan on and cheap enough to get into to make money...

[War Machine]

The mistakes are almost always getting pwned at auction, either through getting caught up in bidding, or getting something that needs major repair. Early on, I got two cars with no reverse, I learned real damn fast to check for it. Another sneaky thing is that people will break out the check engine lights, no MIL light = instant failure for inspection.

Another thing is when you are getting your lot, make damn sure it's zoned to be a car lot and find out EXACTLY what you need to get your CO (Change of Occupancy). Grand Prairie almost boned us because the bathroom was in the shop area, but we managed to talk them into letting us in, since it was a car lot just 3 months prior to us.

Winter sucks balls because of the holidays, people aren't concerned with cars, nor do they have the cash. 1st quarter is always nice because there are no holidays and the income tax checks start coming back in March.

The real pros pop the air bag and ABS light too.

After you first started, how long did it take for you to buy a early 2000 Accord with a v6 with a bad tranny? lol

[6.7dually2009]

Just like others have said I own and run a cash and carry lot it just takes so much money to do the bhph thing that I did not want to mess with a floor plan or any of thoughs things so I found a niche in my market cuz they are so many bhph that a cash lot does pretty well I am actually expanding on the 1st of jan. to a lot that is triple the size i am at know if you do any one of the two you can make money but you better be a car guy to know if it is a major fix or something small. if you have any questions feel free to pm me

[Rotortrash]

Just like others have said I own and run a cash and carry lot it just takes so much money to do the bhph thing that I did not want to mess with a floor plan or any of thoughs things so I found a niche in my market cuz they are so many bhph that a cash lot does pretty well I am actually expanding on the 1st of jan. to a lot that is triple the size i am at know if you do any one of the two you can make money but you better be a car guy to know if it is a major fix or something small. if you have any questions feel free to pm me

punctuation is your friend...........

[zemog]

I have a used car lot, we are cash only. Im too poor to run a tote the note lot. My dad runs a tote the note, he has around 60 active notes, and around 50 on the lot.


If you have any questions on anything you can pm me. Also, if you want to rent a section on my lot to start out small, I can work out something with you.

The car business can be really lucrative, but if you do not know EXACTLY what you're doing can be broke very quickly. You can expect one mistake to happen every month on buying or selling, but 2,3,4,5 mistakes can ruin you.

where or who do you typically buy from, auctions only or other? also typical price and markup of a run of the mill car

[JC316]

The real pros pop the air bag and ABS light too.

After you first started, how long did it take for you to buy a early 2000 Accord with a v6 with a bad tranny? lol

Still haven't. I avoid the 91 and 92 accords like the plague due to transmission issues, they fixed it in 93. No, I got a 2000 Blazer with a bad reaction sun shell gear, making me have 2nd and 4th gear only.

[CJ]

The business is all about down payments, rate, repo costs, and turn around. You better know the business.

[War Machine]

where or who do you typically buy from, auctions only or other? also typical price and markup of a run of the mill car

I try to make at least 10%-20% on each car, some are better some are a LOT worse. Typically when we spend less than 10k on a car we want to make 1000.00. It being a 2000 car or a 9000 we still want around that mark.

I go to auctions, but none around here

Still haven't. I avoid the 91 and 92 accords like the plague due to transmission issues, they fixed it in 93. No, I got a 2000 Blazer with a bad reaction sun shell gear, making me have 2nd and 4th gear only.

the 99-03 6v hondas have the worst tranny ever put in a car. The 4cyldrs are fine though.

Where are you located?

[6.7dually2009]

I will say that I try to make the same mark up on cars. But like buzzo said some are better some are worse if you are going to get in the bhph get a good software designed for that type of car lot and do the gps I would not do the gps's that you can turn the the car off though i have heard from several lawyers that if the customer finds out and something happens that more than likely they are going to try and sue you.

[JC316]

I try to make at least 10%-20% on each car, some are better some are a LOT worse. Typically when we spend less than 10k on a car we want to make 1000.00. It being a 2000 car or a 9000 we still want around that mark.

I go to auctions, but none around here



the 99-03 6v hondas have the worst tranny ever put in a car. The 4cyldrs are fine though.

Where are you located?

Good to know. I have my blacklist cars, Kia's, Hyundias, Contours, etc. I am located on main street in Grand Prairie, right down from Beltline.

[6.7dually2009]

On your black list in my area does not go with you I can sell a hyundias if it did not have wheels and most newere kias such as 02 and up know contours i agree with you must of my black list cars are gm front wheel drive cars but I do buy a lot of cadillac's and make good money of off them. My lot is in Killeen tx

[kenny c]

My lot is in Killeen tx

You mind if I stop by one day and just check out your operation?

[JC316]

On your black list in my area does not go with you I can sell a hyundias if it did not have wheels and most newere kias such as 02 and up know contours i agree with you must of my black list cars are gm front wheel drive cars but I do buy a lot of cadillac's and make good money of off them. My lot is in Killeen tx

Hyundia have weak engines and they usually run $1500 to replace. If they are running, they sell like crazy, but it's when they are broke.

[6.7dually2009]

I have bought several with bad trannys and fix it and make money.