#119 Secrets of automotive's most controversial business, Tackling 90% in-house financing, Economics of buy here pay here dealerships | Jeff Watson, Owner of IV Seasons Auto

Car Dealership Guy Podcast

Welcome to the Car Dealership Guy Podcast. In this episode, I'm speaking with Jeff Watson, Owner of IV Seasons Auto where we discuss: Secrets of automotive's most controversial business, tackling 90% in-house financing, economics of buy here pay here dealerships and much more.

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Topics:

(00:00:00) - Intro

(00:02:46) - Jeff’s background and career

(00:09:16) - What’s your average sale price?

(00:09:46) - How do you account for profit?

(00:11:42) - How do you compensate your Sales Manager if you’re running the retail shop at break-even?

(00:13:33) - Where did you learn to do all of this?

(00:18:20) - How are you able to get such great reviews?

(00:19:38) - Who reaches out to customers?

(00:22:03) - Why is 36 months the minimum you target?

(00:23:17) - What’s your breakeven period on average?

(00:24:16) - Where are you sourcing vehicles?

(00:26:45) - How has your business changed since Covid?

(00:32:00) - EVs

(00:33:37) - Floorplans

(00:34:37) - What are the economics of the lending business?

(00:38:19) - The Independent Dealer Podcast

(00:44:51) - What’s next for you?

(00:46:47) - Closing thoughts

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