Mark Gilbert Gives Tips for Used Car Dealerships

Mark Gilbert's career in the automotive industry is a success story of the most classic kind. He started from the ground up, beginning as a salesperson on the floor to becoming a dealer principal in several thriving dealerships.

He understands better than most people about how difficult it can be to start, let alone run, a dealership, including ones that deal with used cars. Some people naturally mistrust the industry that might make it even more difficult. Hence, he has come up with a few tips to help budding dealerships get started.

1. Research, research, research Mark Gilbert can't stress enough the importance of knowing your market and your industry. Don't think you can start a used car dealership on the fly. Before you can get started, you need to know about the consumers in your area, what they look for in a dealer, as well as the qualities that they trust.

2. Learn your competitors There are plenty of dealerships in the sea, so to speak, that's why you need to learn your competition. Figure out how they do it, and then figure out how to do it better. See how many vehicles they have, the choices offered, the age of the stock, and, most importantly, their prices. Are you able to compete with them, asks Mark Gilbert? Can you make your offerings more competitive?

3. Develop "the talk." There's a reason that used car salespeople are known for their ingenious way of talking. The art of the sale is something that has to get developed over time. It helps to be able to read your customers, listen to them, not being pushy, and building a good rapport. Building trust with local customers is a must in the used car industry.

Mark Gilbert stresses that beyond the financial and logistical concerns, a used car dealership runs well when the people in charge know what they're doing and how to do it.

Mark Gilbert on How to Start a Successful Car Dealership

Mark Gilbert continues to stress to everyone he’s had the pleasure of training or communicating to on a speech: think before you act. In these days of split-second decisions and impulsive actions, thinking about a course of action, adequately planning a strategy, and then working on it, can go a long way. This concept is especially important when starting a car dealership. Starting a business like this one needs specific preparation. Here are some vital automotive industry expert tips:

1. Understand your costs One of the first things that must be addressed immediately is the cost. Unlike other businesses where a small startup capital is enough, Mark Gilbert explains that a car dealership won’t come cheap. Consider:

• Costs of inventory
• Cost of the sales facility
• Employee salaries and benefits
• Prices of surety bonds with your state’s DMV

Including insurance, legal personnel, accounting personnel, and bookkeepers, the value of the upkeep is something that must be prepared for. An owner must be able to handle these costs or must find investors to shoulder them.

2. Get the right people
Making the car dealership a success means giving it the right workforce. Skilled staff with real motivation and drive can take even a small dealership and elevate it to success within a short period. Consider their experience, their personality, and, most importantly, their history in other places. Mark Gilbert recommends a robust interview process to get to know the candidates.

3. Know the Parts of the Showroom
A car showroom and its staff should be like a well-oiled machine. When staffing the different roles that run around the showroom and the offices, you need to know the function and importance of every job. Otherwise, how will you determine a strategy that maximizes the skill and ability of the whole team?

Mark Gilbert underscores the fact that a car dealership is a complex business that needs careful planning and preparation. It’s not something you want to get into on a whim. By knowing what to expect and getting a team ready for it, you can brace yourself for the start of a challenging but rewarding journey.