This is quite lengthy - you might well want to use the chapters to help break it up! 00:00 Intro 02:50 Company Formation 04:56 Banking Woes 10:05 Warranty or No Warranty? 13:33 Payments 17:11 Buying Platforms 20:10 Enough already, sell some bloody cars! 24:53 Outro
Well done on this initiative, sounds a very good business plan, we’re nearly 2 years into an EV (MG4), and would never go back, as the cost savings on fuel alone far outweigh any negatives - so an EV 5-10K mark is an excellent buy, as either a 1st or 2nd car, depending in annual milage.
Motorway fees are very high for what they are actually offering. They charge almost as much as the auctions yet don't appraise or handle the car. The general public will happily sell a vehicle with hidden issues to a motor trader, yet will be straight down to citizen advice if someone did the same to them!
Do you still use your Citroen Ami? Why didn't you buy the backrests and seat coushions you can get for the Ami? Two layers of Matt Black Car Spray Paint on the Outside and Inside of the Glass Roof reduces the amount of Condensation. You can also put a Roof Covering on. Not the shiny covering, the kind that looks like a Black Roughcasted Wall, the kind that was on a Capri Roof.
What's missing from the market is the EV Fiat Panda/Dacia Sandero. i.e. an EV that can FULLY replace one of those cars. So whilst LEAFs & similar can do really well on the town/short commute part, they are missing the long distance ability. What's needed is something with full range (i.e. 200+ so you can drive for 2hrs in *WINTER* at 60-70mph without squeeky bum syndrome) and fast charging (so that you can do multi-leg journeys to go between cities), but WITHOUT all the bells and whistles that put the price up & quite frankly are just waiting to go wrong. Naturally it's got to be price competitive with the likes of the Panda/Sandero too. We've got plenty of short range basic EVs (& short range non-basic EVs), but we don't yet have the full range, basic, cheap EV.
Didn't it used to be £12 to register a company? In my little Midlands Town, a 'local businessman' (using the term very loosely) registered 600 Temporary Employment Agency companies at one adress in the town between October and December 2023. Many directly under Filipino company names and directors and others renamed and then transferred to Filipino persons of significant control. Seems very much some kind of tax/employment scam. Most of these companies will be folded withing 2 years, some already have been. There is little evidence that Companies House makes any checks whatsoever on any new registered companies so charging £50 is another bit of a scam by Companies House.
Yeah it was - and the increase in the fee was supposed to be used to help combat stuff like this. There’s a guy on Twitter (can’t remember the name but easily found by searching for companies house) who tracks this kind of weird registration activity, lot of it around.
Banks are mainly living in the past still believing they can charge whatever they want and take their time to actually do the work you are paying them to do. I spent many years in business having to deal with these sort of institutions, just an annoyance
Yeah i can already see how funding can become a pretty big constraint. That being said i see some with massive pitches loaded with 000,000s of stocking finance and that gives me the fear too
Thank you! I have a couple of really nice Zoes in / coming in, might well suit your needs although they’re perhaps a little more than you were looking to spend.
Thank you, very interesting, I had a similar idea to sell evs, as there is no local knowledge of evs in my area Totally agree with problems setting up a bank account for a limited company All the best for your new enterprise
I am not sure motorway is all that good anyway, i was selling via them, winning bid from a dealer was high, when their collection person came they wanted over £900 off for some minor stonechips on the screen. They also had a crappy clause in the buying contract, supposedly all their dealers must be well established and buying many cars via them.
This reminds me of the early days of the Chops Garage channel, where he bought mostly from BCA and used Warrantywise. Very interested to see how this venture goes, and I presume that you have room on the driveway for the stock rather than have to rent premises, which is crippling? Hope all goes well and will enjoy this new thread of videos.
Whilst I’m sure there are a small number where that’s true I do think it’s an overplayed stereotype. Dealers that lie and rip people off don’t stick around very long.
I'm doing a similar thing in Cornwall, I'm slightly worried because i got an account with Monzo, i told them i was in used vehicle sales and they just opened the account.
This is quite lengthy - you might well want to use the chapters to help break it up!
00:00 Intro
02:50 Company Formation
04:56 Banking Woes
10:05 Warranty or No Warranty?
13:33 Payments
17:11 Buying Platforms
20:10 Enough already, sell some bloody cars!
24:53 Outro
Well done on this initiative, sounds a very good business plan, we’re nearly 2 years into an EV (MG4), and would never go back, as the cost savings on fuel alone far outweigh any negatives - so an EV 5-10K mark is an excellent buy, as either a 1st or 2nd car, depending in annual milage.
Motorway fees are very high for what they are actually offering. They charge almost as much as the auctions yet don't appraise or handle the car. The general public will happily sell a vehicle with hidden issues to a motor trader, yet will be straight down to citizen advice if someone did the same to them!
Good luck, I think it is a cracking idea
You are mad! But in a good way. Good luck.
Good luck with it gary
Do you still use your Citroen Ami? Why didn't you buy the backrests and seat coushions you can get for the Ami? Two layers of Matt Black Car Spray Paint on the Outside and Inside of the Glass Roof reduces the amount of Condensation. You can also put a Roof Covering on. Not the shiny covering, the kind that looks like a Black Roughcasted Wall, the kind that was on a Capri Roof.
I really like the content you put out but the audio quality has really gone downhill. Are you doing something different?
What's missing from the market is the EV Fiat Panda/Dacia Sandero. i.e. an EV that can FULLY replace one of those cars. So whilst LEAFs & similar can do really well on the town/short commute part, they are missing the long distance ability. What's needed is something with full range (i.e. 200+ so you can drive for 2hrs in *WINTER* at 60-70mph without squeeky bum syndrome) and fast charging (so that you can do multi-leg journeys to go between cities), but WITHOUT all the bells and whistles that put the price up & quite frankly are just waiting to go wrong. Naturally it's got to be price competitive with the likes of the Panda/Sandero too.
We've got plenty of short range basic EVs (& short range non-basic EVs), but we don't yet have the full range, basic, cheap EV.
Used MG5 is the closest you’ll get to those requirements on a budget.
Didn't it used to be £12 to register a company? In my little Midlands Town, a 'local businessman' (using the term very loosely) registered 600 Temporary Employment Agency companies at one adress in the town between October and December 2023. Many directly under Filipino company names and directors and others renamed and then transferred to Filipino persons of significant control.
Seems very much some kind of tax/employment scam.
Most of these companies will be folded withing 2 years, some already have been.
There is little evidence that Companies House makes any checks whatsoever on any new registered companies so charging £50 is another bit of a scam by Companies House.
Yeah it was - and the increase in the fee was supposed to be used to help combat stuff like this. There’s a guy on Twitter (can’t remember the name but easily found by searching for companies house) who tracks this kind of weird registration activity, lot of it around.
Great video highs and lows but good luck to you, nothing ventured 🥴
Banks are mainly living in the past still believing they can charge whatever they want and take their time to actually do the work you are paying them to do. I spent many years in business having to deal with these sort of institutions, just an annoyance
I started my car sales business about 3 years ago and have found it hard to grow the business, I just can’t get the funding or sell them quick enough
Yeah i can already see how funding can become a pretty big constraint. That being said i see some with massive pitches loaded with 000,000s of stocking finance and that gives me the fear too
just love this, keep up the great work
Thank you! I have a couple of really nice Zoes in / coming in, might well suit your needs although they’re perhaps a little more than you were looking to spend.
Good luck with the business going forward!
Good for you. Best of luck with it
Great stuff! Good luck!
Good look with this venture
Mettle deal with car dealers
Thank you, very interesting, I had a similar idea to sell evs, as there is no local knowledge of evs in my area
Totally agree with problems setting up a bank account for a limited company
All the best for your new enterprise
I am not sure motorway is all that good anyway, i was selling via them, winning bid from a dealer was high, when their collection person came they wanted over £900 off for some minor stonechips on the screen. They also had a crappy clause in the buying contract, supposedly all their dealers must be well established and buying many cars via them.
Windscreens are a massive pain to be fair - they don’t cost £900 to replace though.
This reminds me of the early days of the Chops Garage channel, where he bought mostly from BCA and used Warrantywise. Very interested to see how this venture goes, and I presume that you have room on the driveway for the stock rather than have to rent premises, which is crippling?
Hope all goes well and will enjoy this new thread of videos.
I kinda already have premises, which I’ve been renting for a number of years for various reasons, that I’ll be repurposing for this.
Nice summary, thanks.
The bad thing about dealerships is their dishonesty. They lie for the profit. I wish you success and a lot of sales
Whilst I’m sure there are a small number where that’s true I do think it’s an overplayed stereotype. Dealers that lie and rip people off don’t stick around very long.
I'm doing a similar thing in Cornwall, I'm slightly worried because i got an account with Monzo, i told them i was in used vehicle sales and they just opened the account.
Odd - definitely listed under “industries we can’t support, no matter your business type” on their website