June 17, 2011
I have now attended 3 dealer auctions and am learning more about the industry. It’s pretty incredible how many cars come through each week in so many cities across the country! You really have to do you research and know what you’re looking for before you get there because you just won’t have the time when you’re on site.
About 2,000 – 3,000 are auctioned off in a span of only 3 to 4 hours! So when your car comes up, you only have about 1 – 2 minutes before the bidding is over! You have to think fast and strategic if you want to win.
Some key terms I have learned from these auctions are:
Salvage Title – the car has been deemed “totaled” by an insurance company and is no longer safe to drive. This car will not be able to be insured by any insurance company.
Reconditioned Title – the car has been deemed “totaled” by an insurance company and was giving a Salvage title. Then someone rebuilt the car to make it look and run like new again. They can then apply for a Reconditioned Title, which will allow them to sell the vehicle and it can be re-insured at a much much higher rate! (We at Motorphilia NEVER buy cars with Salvage or Reconditioned Titles)
Curbstoning – this is a very risky practice that hurts consumers and individual dealers alike. Curbstoning occurs when an individual buys vehicles at volumes that require a dealer’s license and then pose as a private seller to gain large profits off unaware buyers. They may sell these vehicles on such sites as Craigs List or in parking lots of strip malls. The sellers draw people in with tags showing low mileage but do not disclose any mechanical or title issues. Once the vehicle is sold, it is nearly impossible to track down the seller. The buyer will have no recourse against the seller at this point. This practice not only greatly harms consumers but also damages the reputation of legitimate dealers. To read more about this practice, visit http://www.StopCurbstoning.com
The major lesson of this week is – ALWAYS get a title report for any vehicle before you make your purchase!!
Have a great weekend everyone!
Alyssa at Motorphilia
June 15, 2011
A recent customer of ours was looking for an SUV that could seat 7 people but still be fuel efficient. In my mind that’s an oxymoron but thanks to this site below, some actually do exist!!
If you are looking for any size SUV and want to know which ones will save you money on gas, check out this site!
It’s nice to know that we can still haul the same amount of stuff and be less harmful to the environment. The education continues!
If you have an SUV on this list, please post your thoughts and experiences!
Alyssa At Motorphilia
2009 Lexus RX 350
June 15, 2011
How much do you know about cars? Are you a car fanatic? What percentage of car fanatics are women? Is it possible to become a fanatic in your late 20s or is it too late for you?!!
I am a female in my late 20s and up to this point have not been a car fanatic. Actually, I’ve never really been interested or that into cars my whole life. So isn’t it quite odd that now I am working in the car industry?!! I met Aaron when I purchased my car from him. Shortly after I found out he was needing a business manager to help with the office tasks. As I have a degree in Business Admin and Finance from UT, I thought it sounded like the perfect job!
I’ve been working for Aaron and Motorphilia now for 3 weeks and really enjoying it! I think his business model is fascinating and am excited to learn more. It’s also getting me more interested in cars by just listening to his knowledge and going to the dealer auto auctions. Who knew there were so many different makes and models and differences in the models from year to year! I’ve even learned that just because it might be a Jaguar, it may have Ford parts! Do most people know these things?! I’ve got a lot of learning and catching up to do!
Through this blog I would like to share what I am learning and how I am progressing with my auto education.
Please feel free to help in my education and post links or facts you think a car newbie should or needs to know!! You can also find me on Facebook and post stuff on my wall.
Alyssa At Motorphilia
1885 Benz Patent Motorwagen