Millionaire Car Salesman Podcast

In this riveting episode of the Millionaire Car Salesman Podcast, host Sean V. Bradley invites Ace Barrow, an Acquisition Specialist at Ed Martin Toyota, for an in-depth discussion on the art and strategy of acquiring cars directly from the public! Sean and Ace delve into the unique role of a full-time car buyer, discussing innovative techniques for vehicle acquisition, the importance of building a personal brand within the dealership, and strategies to expand inventory without relying solely on auctions and trade-ins. The conversation also touches on the significance of proactive customer engagement and how creating robust referral networks can significantly boost a dealership's inventory and overall success!

Ace shares insightful details on his day-to-day operations, balancing customer interaction in the service lounge with strategic outreach to potential sellers. He reveals his approach to seamlessly integrating acquisition conversations during routine service appointments and the effectiveness of consistent follow-ups. Sean and Ace also brainstorm on scaling these efforts through technology and digital marketing, highlighting software like VINCUE and strategies inspired by successful dealerships like Country Hill Motors. This episode offers invaluable insights for dealerships looking to refine their acquisition techniques and leverage public sales for greater financial efficiency!

Key Takeaways

• Proactive Vehicle Acquisition: The importance of having a dedicated professional to actively seek out vehicle purchases from the public, rather than solely relying on auctions and trade-ins.
  
  

• Customer Interaction Techniques: Practical tips on how to approach and engage customers in the service lounge about selling their vehicles, ensuring a non-invasive and positive experience.
  
  

• Building a Personal Brand: Strategies for creating a personal brand within the dealership to enhance the acquisition process and attract more sellers from the community.
  
  

• Leveraging Technology: Recommended tools and software like VINCUE for streamlining vehicle acquisition processes and enhancing efficiency.
  
  

• Expanding Referral Networks: The benefits of creating partnerships with local businesses such as motorcycle and RV dealerships to generate a steady flow of used car inventory.

About Ace Barrow

Ace Barrow is a seasoned automotive professional with over five years in the auto industry, currently serving as an Acquisition Specialist at Ed Martin Toyota in Noblesville, Indiana. Prior to his automotive career, Ace enjoyed a rewarding 33-year career in a different field before transitioning into car sales and eventually focusing on the acquisition of vehicles from the public.

Resources:

Podium: Discover how Podium's innovative AI technology can unlock unparalleled efficiency and drive your dealership’s sales to new heights. Visit www.podium.com/mcs to learn more!

Dealer Synergy & Bradley On Demand: The automotive industry’s #1 training, tracking, testing, and certification platform and consulting & accountability firm.

The Millionaire Car Salesman Facebook Group: Join the #1 Mastermind Group in the Automotive Industry! With over 28,000 members, gain access to successful automotive mentors & managers, the best industry practices, & collaborate with automotive professionals from around the WORLD! Join The Millionaire Car Salesman Facebook Group today!

Win the Game of Googleopoly: Unlocking the secret strategy of search engines.

The Millionaire Car Salesman Podcast is Proudly Sponsored By:

Podium: Elevating Dealership Excellence with Intelligent Customer Engagement Solutions. Unlock unparalleled efficiency and drive sales with Podium's innovative AI technology, featured proudly on the Millionaire Car Salesman Podcast.

Dealer Synergy: The #1 Automotive Sales Training, Consulting, and Accountability Firm in the industry! With over two decades of experience in building Internet Departments and BDCs, we have developed the most effective automotive Internet Sales, BDC, and CRM solutions. Our expertise in creating phone scripts, rebuttals, CRM action plans, strategies, and templates ensures that your dealership's tools and personnel reach their full potential.

Bradley On Demand: The automotive sales industry’s top Interactive Training, Tracking, Testing, and Certification Platform. Featuring LIVE Classes and over 9,000 training modules, our platform equips your dealership with everything needed to sell more cars, more often, and more profitably!

How to Buy Cars from the Public and Maximize Dealership Profitability

Key Takeaways:

• Building a proactive vehicle acquisition strategy can significantly boost dealership profitability.

• Creating a brand within the dealership for car acquisition can enhance community reach and streamline the buying process.

• Utilizing technology and external networks can scale acquisition operations efficiently.

Mastering Vehicle Acquisition: Strategies for Dealerships

In the automotive industry, focusing solely on selling cars leaves a significant gap in potential profitability. Buying cars from the public not only saves on auction fees but also increases dealership inventory with well-maintained vehicles. This strategy allows dealerships to control their destiny better. Ace Barrow from Ed Martin Toyota epitomizes this proactive approach, leveraging customer relations and service interactions to buy vehicles directly from the public. Here, we delve into strategic insights shared by Ace and Sean V. Bradley on the Millionaire Car Salesman podcast, highlighting efficient acquisition methods and broader implications for dealerships.

Developing a Proactive Acquisition Strategy

Dealerships often overlook the strategic advantage of proactively buying cars from the public. As Ace Barrow explains, "We like to buy cars from customers. Would you mind if I made an offer while you waited?" This simple, direct approach initiates the conversation, removing the pressure of selling. Ace targets about 24 customers daily within the dealership's service lounge, which sees around 110 repair orders per day.

"People know me. They like me. They say, 'hi, Ace,' before I introduce myself to them now because they're used to me coming up and in a non-threatening way, giving them an appraisal whether they buy a car or not."

However, there’s room for scaling this strategy. As Sean V. Bradley suggests, dealerships should explore integrating appraisals into the service process systemically. This could involve preemptively appraising every vehicle that enters for service, attaching a detailed offer, and engaging with the customer proactively.

Enhancing Customer Experience in Service Departments

Maintaining positive customer experiences in service lounges is crucial, especially when integrating acquisition efforts. Ace emphasizes a calm, comfortable environment to ensure customers aren’t discouraged by aggressive pitches.

"We want them to come back for service the next time instead of staying away because of this obnoxious guy who tried to appraise my car."

To balance acquisition initiatives with customer satisfaction, dealerships can provide attractive, non-intrusive offers. This tactical blend preserves service department reputation and encourages repeat business, even if customers initially decline to sell their vehicle. Integrating educational materials and digital options, like dedicated kiosks for vehicle appraisals, could enhance this approach.

Building a Brand within the Dealership's Brand

Creating a distinctive brand for acquisition specialists within a dealership can amplify outreach and credibility. As Sean advises Ace, having a catchy, specific brand name like "I Buy Cars" or "We Buy Any Cars" not only clarifies the service but also aids in marketing and digital presence.

"Step one when you're trying to build your brand within the dealership's brand, you want to be able to kind of personify your brand… We buy used cars. I buy used cars in Indiana."

Supporting this brand with dedicated digital assets, such as a specialized website and social media channels, can enhance visibility and attract more customers. Platforms like Upwork and Fiverr are cost-effective solutions for developing logos, social media banners, and branded content, crucial for maintaining a professional image.

Further, Ace can draw from the experience of car sales elites like Cody Carter, who has his own site and generates substantial leads independently. Emulating such strategies could see Ace setting up a tailored acquisition website, facilitating digital retailing and broadening his reach beyond current customers.

Utilizing External Networks and Technology

Scaling acquisition operations efficiently requires leveraging external networks and advanced technology. Sean underscores the value of partnerships with local motorcycle and RV dealers for referrals. By offering to appraise trade-in vehicles on-site, Ace could tap into a broader market, obtaining vehicles from diverse sources.

"Develop relationships with all of the motorcycle dealerships, the Kawasaki, the BMW dealerships, the Harley Davidson dealerships, our sports, ATV's, Jet skis, Sea-doos, RVs, trailers… Those are referral agents."

Incorporating tools like VinCue can streamline this process, enhancing tracking, pricing accuracy, and customer relationship management. VinCue integrates functions like Kelley Blue Book Instant Cash Offer and Facebook Marketplace listings, which magnify lead generation capabilities. Combining technology with a robust referral network increases acquisition efficiency, allowing specialists to handle more transactions seamlessly.

Ace’s success at Ed Martin Toyota is a testament to the importance of a dedicated acquisition strategy. By proactively engaging with service customers, creating a standalone brand, and leveraging technology, dealerships can significantly enhance their inventory with quality used cars while bypassing the costly auction process. Furthermore, developing local partnerships and utilizing sophisticated software can optimize this process, paving the way for infinitely scalable operations. For dealerships eager to stay ahead, mastering vehicle acquisition is no longer optional—it's a necessity.