operate

How I started a car dealership at 23 with no money!



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hey what's up everybody Craig from

flying wheels thanks for watching my

channel thanks for always supporting me

and subscribing and giving me the thumbs

up so a bunch of you guys has been

asking me how did I start my car

dealership I started it when I was 23 on

my own with almost no money so I'm gonna

give you a little couple hands some

tidbits and of information to tell you

how I became a car dealer

it goes back four generations and not

that anyone in my family was a car

dealer but my grandfather my great

grandfather came here Italy he was an

auto mechanic he owned a garage and a

couple gas stations my great grandfather

is an auto tech teacher my father's an

auto tech teacher my father is an auto

body my brother is an auto body

technician and I hate working on cars so

I had zero interest in that at all I

have owned several businesses through

college I paid my way through college on

a painting company and before that I was

flipping cars in high school to make gas

money and pay for my insurance so I've

always had to put the bill for

everything on my own and I've had to be

creative in finding ways to make money

so what I would do is buy a car my

father bought a car with me my first car

was a 69 Mustang and we restored it

brought it back to life and it was a

little too fast for me my mother made us

sell it so I bought a Ford Probe with

the extra money I bought Ford Probe and

a motorcycle sold both of those I had a

little bit more money and I bought a 69

Firebird and restored that and I sold

that all while I was in high school so I

was actually making a little bit more

money than most of my friends were

through high school not that I had any

money to spend things on but a little

bit more than most people just from

flipping cars through college ebay had

started so I learned that I could go to

the public auctions or go on the one

advertiser or Craigslist was just

starting and I could buy a car shopping

I knew what they were worth but not so

much I knew what they were worth I knew

what I could sell them for and if I knew

what I can sell them for I knew what I

could buy them for if I could buy it for

less than I could sell it then I knew I

could make some money and that's how I

started so all through high school all

through college I'd buy a car I Drive it

I get bored with it and I'd sell it for

more than I paid for it and then I go

buy something else

save the profits and then go spend that

on certain things maybe another car a

second vehicle maybe a toy for myself I

even did this back in middle school with

four-wheelers and dirt bikes and in

elementary school with bicycles I'd buy

a bicycle from a friend I clean it or

sell it clean it fix it sell it for more

money and then buy another bicycle or

another set of rollerblades so basically

what I'm doing now in my 30s is

something I have always done my entire

life all right so let's get into it you

guys all want to know how I started a

car dealership with no money I had no

money when I was 23 so a little bit I

mean when I say no money I wasn't poor

but I was pretty much a poor college kid

trying to work to get by day to day I

was working for a company about 70 hours

a week in sales in Florida and on the

side I would buy a car and I would drive

it for a little bit and I'd flip it I

usually had two cars so I'd buy one and

fix it while I was driving the other

then sell that one that I fixed and

drive the next one and I just keep

rotating one over the other well what

happened was I realized that I started

to make more money flipping cars than I

was working 70 hours a week for somebody

else and I thought to myself if I work

70 hours a week for myself now I have to

be self-motivated if I work 70 hours a

week for myself I would make way more

money than I would making somebody else

rich and that's what I did I took the

risk

I jumped all in I had no real

responsibilities I had a girlfriend no

kids and you know no giant mortgage so

it was worth the risk for me to quit my

job which I wasn't enthusiastic about

anyway I wasn't enthralled there was

something I didn't really want to do for

my whole life anyway so it was worth me

taking the risk and just going all-in

headfirst and trying to open my own car

dealership now while I was in the

process of this I kept my job because I

wanted that income so it took me three

to four months to actually get all my

ducks in a row and by that I mean my

insurance my bond get my actual license

you have to find a place of business so

all the requirements that I needed and

and it took me a while just to figure

out what I needed and how to get it took

me months so I don't want to just quit

my job right away and get started

in a car dealership I was a slow

transition and once I was ready and had

my ball rolling and and had my dealer's

license I quit my job and I went right

at it now how did I do with this with no

money I had a little bit of money a

couple thousand dollars here and there

but a couple thousand dollars isn't

enough really enough to start a car

dealership how did I get the money to

really get this ball rolling well

starting a new business no bank is gonna

lend you any money if they just don't do

it I went to bank after bank and no one

would give me a loan they didn't care

about me I had a poor business plan and

no one knew who I was and nobody wants

to give you anything until you prove to

them you can give them something back

and that's why the bank never gave me

anything so how did I get going credit

cards I don't recommend you getting a

credit card debt don't do it but I did

it smart so the credit card checks you

know sometimes your credit card company

will mail you those checks zero percent

Interest well that's how I got started

it took me a couple thousand dollars to

get my insurance and my licenses so I

used my thousands of dollars that I had

in cash on that stuff but then the

problem was I didn't have the money to

buy a car so what I did was I used my

credit card checks and wrote it out to

myself at 0%

I didn't max my credit cards cuz you

don't want to max your credit cards out

and went under seventy-five percent of

them of the credit card limit 0% for a

year I bought two cars two cars led to

three cars three cars led to six cars

six to twelve and Here I am today with

40 plus cars I try to keep no overhead

and no debt if it's possible for you to

do it that's what I recommend doing

alright let's talk about those credit

cards real quick that I just said I do

not max out my credit cards and I also

didn't charge my credit cards I didn't

go out and swipe my credit cards at

seven percent or nine percent or up to

20 percent interest on credit cards

that's not what I did all right I went

out I get those checks in the mail from

my credit card company that says 0%

interest for 12 months 0% that's free

money free money for 12 months so why

not use it why use my own money or go to

the bank and get a loan when I can get

0% for my credit card for a year so

that's what I did I went

I cashed the check or go deposit of my

bank account for 75% of my credit limit

at 0% for a year I go buy a car or two

cars and then you know what that that

loans 0% for a year so as long as that's

paid off within the year I'm good

it cost me no money out of my own pocket

and it cost me no money and interest too

so that's what I did to buy my first

couple cars 0% I'd go get 75% of that

credit card limit right to check out to

myself now I had money my bank account I

went to the auction and I bought cars

and then within that year I went and

paid off the original initial debt with

the money I made the other thing is some

auctions allow you to seven days to pay

for a vehicle so when I lived in Florida

I would go to places that would sell

coke that would I would be able to buy a

car at the auction don't have to write a

check for seven days so if I want to

make a quick five hundred bucks or seven

hundred fifty dollars which is nothing

on top of a car I could and then I go

back next week to go buy more cars and

write a check that day for the cars I

bought last week so really all I'm doing

is they're giving me a car for free I'd

go sell it get paid on it and go back

next week and pay them with the money

that I made from the car that I sold

then I never paid for yet

it's called a float your floating your

money so you're not actually spending

any money out-of-pocket it is costing

you nothing of your own money it's

amazing so I will go and spend somebody

else's money at 0% and then make sure

they get paid back because you don't

want to you like to have your credit you

want good credit with everybody don't

ruin your credit okay make sure you pay

your debts number one always so don't go

out and just get a bunch of credit cards

and rack up a ton of credit card debt

you don't want any debt that's the trick

no debt I own all these cars because I

don't want any debt I don't have to pay

anybody so try to keep the payments as

little as possible

the overhead low slow and calculated

growth is what I've always done and

that's my that's my trick to this

business slow and calculated growth

don't go out and get a ten thousand

dollar rent every single month don't go

out and get a million dollar line of

credit you don't want this stuff you

don't need that stuff all right there

are people that already have money that

go out and buy car dealerships those

that people aren't me That's not me and

that's probably not you if you're

watching this video

start small that's the trick don't over

come and say four things that you don't

have don't be the big guy on the big

horse be the small guy that nobody

thinks about all right so what happens

is I keep my overhead low when I first

started again I would start with one car

that led to 2 2 to 4 4 to 8 8 to 16 cars

and Here I am today all right don't quit

your job do everything on the side make

it side work until you're ready to grow

everything that happened to me happen

because I had to get to the next step

not because I wanted to get to the next

step I was pretty comfortable once you

get comfortable it's not such a good

thing but a lot of times I'm forced my

hand is forced for me to go out and move

on so yes I lived in Florida I owned a

car dealership I owned a car dealership

but really all that was was a storage

unit in Florida I got a storage unit it

was two Bay's wide enough and the

dimensions fit large enough for the

state to approve my dealer license

it was also zoned commercial I went and

I got the insurance and the bond and

everything I needed and I went and got

my license at the dealer auctions and I

went and I bought two cars that my first

dealer auction ever from there I cleaned

them I fixed them and then I sold them

for a little bit more and then I bought

two or three more cars but I never

overextended myself ever I've always

played it safe because it's my money

it's all I have and I don't want to lose

it so yes you do have to take risks or

calculated risks you don't want to just

jump out and spend all your money all

right

blow your load as people say don't let

it all go be smart about it so here I am

in a storage warehouse most of the cars

in my driveway at home unfortunately my

neighbors didn't really care too much

about it

eventually it got to the point where all

those cars didn't fit in a storage unit

or in my driveway anymore I had to get a

bigger place so what did I do I didn't

go out and get a car lot a big giant

parking lot a big building

I got a bigger storage unit that was

known commercially I could fit six cars

inside and actually can fit 30 cars

outside so I was there for five years in

a giant industrial warehouse in the

middle of nowhere and an industrial

complex but everything's sold online

anyway so it really didn't matter

eventually that first four cars that I

when I moved back to New Hampshire I had

four cars or so that I I could store

them all inside my warehouse so I didn't

even have any outside storage I didn't

need it

it was $1,000 a month rent which drove

me crazy because I was so nervous to

have $1,000 a month rent on an

industrial building that I didn't know I

was basically starting my own business

again because when I was in Florida I

grew it enough that I could sell it so I

ended up selling it to move back home to

New Hampshire so I started the business

from nothing in Florida I grew it up I

paid off all my debts and I sold the

business for a profit now learning and

getting all that knowledge over the

three or four years that I was doing

that in Florida helped me move back to

New Hampshire I sold my car dealership

so now that's somebody that has the

money to do it they walked alongside

with me they saw how it was all done

they bought the business turnkey they

were making money that's not me and

again that's probably not you if you're

watching this video move back to New

Hampshire start from scratch again but I

knew and I had a little bit more money

this time that I didn't want to start at

two cars so I bought four cars that fit

inside I cleaned them I fixed them and

slowly it started growing four to eight

eight to 16 and I had six cars stored

inside 30 cars outside and then five

years later I had too many cars and not

enough space so my landlord called and

said you get too many cars well that's

kind of a good problem to have

I mean if you have no cars it's a good

problem to it means you sold everything

but you're never gonna make any more

money if you're not selling everything

so my landlord says hey you got to drop

some cars you can't have this many here

so basically what he's telling me is

reduce the size of my business which

isn't something that I was

to do so realistically if you read

between the lines he's telling me I need

a bigger place so that's what I did for

the next year I searched around til I

found the place I wanted and I bought

this building this lot paved the parking

lot it place was rundown I bought it

cheap brought it back to life it was a

convey simply a condemned building on a

pile of mud I flattened everything down

I paved it all and I brought the

building back to life and Here I am with

a car lot and I still have my other

place the industrial park because that

one was making money too so why stop

there when that was already working I

had something I was working for me there

and I moved here and things have grown

here it's always been a risk so I've

always been nervous to start up and keep

going in and take the leap but every

time is paid off because it was slow I

didn't jump in with something that I

wasn't sure that I could do I I jumped

in with things that I could kind of fall

back if I needed to so yes I bought a

building but I knew I could afford the

building actually the mortgage here is

less than the rent at the other place so

that's how I knew when I was competent

in doing so I didn't go out and spend

half a million dollars out of building

hoping it would work I went out and

spent half that on something that I knew

I would be able to afford which is what

the bank wants to see to so that $5,000

credit card check that I use ten years

ago has brought me all of this and Here

I am today I own everything not that I

am a multi-millionaire and and

everything is grand but everything's

pretty good I don't have any serious

complaints except for the videos that

you guys watch and see me complain about

so when you watch this video like I said

don't go out and rack up a ton of credit

card debt that's not the trick just

remember slow and calculated growth do

what you can do do what you can afford

if you're starting out on your own start

small start with a couple cars that's

all you need to do in any business start

small alright so if you're gonna start

your own car dealership figure out what

the requirements are in your state all

right

start at home start while you have a job

start while you're paying your bills do

it small until one supplements the other

when you're making more money selling

cars then you are at your desk job now

you know it's time to quit your desk job

and go full steam ahead at your car

dealership guys I hope this video was

helpful if you have any more questions

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