He Lost $1.2M in 2009. Now He Sells More Used Cars Than Carvana in New York

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. 06:45 First Auction Win Was Euphoric. 09:45 Wholesaling Was Commodities Trading. 13:25 Accountant Said He Lost $1.2 Million. 14:40 Never Would Have Gone Retail Knowing This. 17:25 Auction Owner Said Buy, We'll Figure It Out. 18:15 Wholesale To The Public Pricing. 23:50 Bought Second Property For A Third. 26:40 Selling 1,000 Cars With $800 Margins. 30:30 Bought Apollo After Owner Died. 34:30 Manufacturers Create Artificial Demand. 37:00 Doesn't Use vAuto To Buy. 44:40 Was In Contract To Be Acquired. 50:35 Rejects Predatory Lender Programs. 54:30 Break Even Is Over 500 Cars A Month. This episode is brought to you by: 1. @turnautomotive– 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 @ https://turnautomotive.com/schedule-demo 2. LotAgent – Stop stacking software. Agents are the way out. One problem, One Agent, only $99. Try it free now @ https://lotagent.com/ 3. CDG Circles – Your peer network without the travel. Connect with verified dealers, join topic and OEM-specific groups, and get real-world strategies, vendor intel, and answers from operators across thousands of dealership rooftops—all inside the CDG Platform. Learn more @ https://cdgcircles.com/ Check out Car Dealership Guy’s stuff: For dealers: CDG Circles ➤ https://cdgcircles.com/ Industry job board ➤ http://jobs.dealershipguy.com Dealership recruiting ➤ http://www.cdgrecruiting.com Fix your dealership’s social media ➤ http://www.trynomad.co Request to be a podcast guest ➤ http://cdgguest.com For industry vendors: Advertise with Car Dealership Guy ➤ http://cdgpartner.com Industry job board ➤ http://jobs.dealershipguy.com Request to be a podcast guest ➤ http://cdgguest.com Car Dealership Guy Socials: X ➤ https://www.x.com/GuyDealership Instagram ➤ https://www.instagram.com/cardealershipguy/ TikTok ➤ https://www.tiktok.com/@guydealership LinkedIn ➤ https://www.linkedin.com/company/cardealershipguy Threads ➤ https://www.threads.net/@cardealershipguy Facebook ➤ https://www.facebook.com/profile.php?id=100077402857683 Everything else ➤ https://www.dealershipguy.com

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