#409 – From Franchise GM to Selling 1,000+ Cars a Year as an Independent 🚗🔥
About this episode
Ricky Thomas, owner of Wildcat Motors, shares his inspiring journey from working at a franchise dealership to selling over 1,400 cars a year as an independent dealer. He discusses the challenges faced during the GM bankruptcy, the impact of COVID-19 on his business, and how he leveraged real estate to fund his dealership. Ricky emphasizes the importance of building a strong lender portfolio and shares insights on sourcing vehicles, managing inventory, and creating a positive work culture. His story is filled with valuable lessons for aspiring and current dealers alike.
In this episode of The Independent Dealer Podcast's "How I Built This" series, we sit down with Ricky Thomas of Wildcat Used Cars in Somerset, Kentucky. 🚗💥 Ricky shares his incredible journey from getting fired on his FIRST DAY as a sales manager to building a 16-acre independent dealership empire that sells 1,000+ cars a year! 🚀Here's what you'll learn: 📚🔹 How Ricky went from 320 cars to 1,400+ in just a few years 📈🔹 Why he built a real estate portfolio BEFORE scaling his dealership 🏢🔹 His strategy for maintaining 43-day inventory turn (down from 160 days!) ⚡🔹 How Capital One and Credit Acceptance helped him reach new heights 🤝🔹 The social media strategy generating 1.5 MILLION views per month 📱🔥🔹 His unique pay plan that motivates salespeople to help each other win 💰🔹 Managing a massive operation with service centers, detailing, and collision repair 🔧Key Takeaways: 🎯✨ Started with $80K and 25 cheap cars in 2016✨ Now operates on nearly 16 acres with 33+ employees 👥✨ Uses real estate equity to fund dealership growth 💡✨ Focuses on affordability over flashy inventory✨ Leverages digital content creation for massive brand awareness 📸✨ Bids on his own repos to protect his CAC pool 🏆Whether you're running a small lot or scaling to multiple locations, Ricky's story proves that with hard work, smart partnerships, and a focus on affordability, you can build an independent dealership that competes with anyone. 💪Don't forget to like, comment, and subscribe for more dealer success stories! 👍💬🔔Support the businesses that support the podcast:🔷 Blytzpay for your credit card processing and text communications. Tell them IDP sent you to get 3 free months! http://www.blytzpay.com🔷 Buckeye Risk Services for all your education and reinsurance needs http://www.buckeyerisk.com🔷 TaxMax for flexibility with your tax returns http://www.taxmax.comConnect with us: 🌐Website: http://www.theindependentdealer.comEmail: @independentdealer.comFacebook Group: @independentautogroupLuke Godwin: @dwinJeff Watson: https://www.facebook.com/sendtojeffw
service contracts
"You can sell your service contracts. You can sell your ancillary products."
A service contract is like an extended warranty for your car. It helps pay for repairs after the original warranty is over, so you don't have to worry about high repair bills.
Service contracts are agreements that provide coverage for repairs and maintenance on a vehicle after the manufacturer's warranty expires. They can help protect car owners from unexpected repair costs.
ancillary products
"You can sell your ancillary products. You can reinsure for your post-sale inspections."
Ancillary products are extra services or items you can buy for your car, like protection plans for your tires or help if you break down. They make owning a car easier and safer.
Ancillary products refer to additional services or products that complement the main service, such as tire protection plans, paint protection, or roadside assistance. These can enhance the ownership experience and provide extra peace of mind.
post-sale inspections
"You can reinsure for your post-sale inspections. You can, of course, set up your CPI."
A post-sale inspection is a check-up for a car after it's been sold. It makes sure everything is working well and safe for the new owner.
Post-sale inspections are evaluations conducted on a vehicle after it has been sold to ensure it meets quality and safety standards. These inspections can help identify any issues that may need addressing after the sale.
CPI
"You can, of course, set up your CPI, collateral protection insurance if you're a buy here, pay here customer."
CPI, or Collateral Protection Insurance, is insurance that protects the lender's investment in a car. If you borrow money to buy a car, they want to make sure it's insured in case something happens to it.
CPI stands for Collateral Protection Insurance, which protects a lender's interest in a vehicle by ensuring that it is insured. This type of insurance is often required for financed vehicles to safeguard against loss or damage.
Volkswagen Rabbit
"... sure. That's definitely, so let's run down that rabbit hole a little bit. How many employees do you hav..."
The Volkswagen Rabbit is a small car with a hatchback design, which means it has a lot of room inside for its size. It's fun to drive and is popular for its stylish look.
The Volkswagen Rabbit is a compact hatchback that was known for its fun driving dynamics and practical design. It has a strong following due to its European styling and efficient use of space.
Dodge Ram
"... not gonna loan on a $15,000, 180,000 mile Dodge Ram, like that's just not our hit box, right? You're..."
The Dodge Ram is a big truck that people use for work or to carry heavy things. It's known for being strong and having a nice inside, making it a good choice for many drivers.
The Dodge Ram is a full-size pickup truck known for its robust performance and versatility. It has been a popular choice for both work and personal use, often praised for its towing capacity and comfortable interior.
Ford Orion
"...ction. But I'm trying to train my son Maddox and Orion. He's in college, but I'm trying to teach them."
The Ford Orion is an older small car that was made a long time ago, mainly for people in Europe. It's not very popular now, but it was known for being a good, simple car to drive.
The Ford Orion is a compact car that was produced in the 1980s and early 1990s, primarily for the European market. It is known for its practicality and affordability, though it is less common in the current automotive landscape.
ACV
"...if someone told me right now, you got to go buy 200 cars next month with an ACV average of 12, 5, I would be hard pressed to do that."
ACV means Actual Cash Value. It's how much a car is worth right now, based on its age and condition. This helps buyers and sellers agree on a fair price.
ACV stands for Actual Cash Value, which refers to the value of a vehicle at the time of sale, taking into account depreciation and condition. It's often used in the context of insurance and vehicle sales to determine how much a car is worth.
program car
"...this car I'm buying, it's not a program car. I can't I wish I could..."
A program car is a car that was used by a rental company or as part of a fleet, so it might have more miles and wear than a regular used car. They are usually cheaper but can have more issues because of their previous use.
A program car is typically a vehicle that has been used as a rental or fleet vehicle, often resulting in higher mileage and potential wear and tear. These cars may be sold at a lower price but can come with a history of heavy use.
Hyundai Elantra
"...bviously they would have one in Oklahoma City, in Elantra. It didn't make any sense for me to go to Oklaho..."
The Hyundai Elantra is a small car that is easy on gas and usually costs less money to buy. It's a good option for people looking for a reliable vehicle without spending too much.
The Hyundai Elantra is a compact car that offers a balance of affordability, fuel efficiency, and modern features. It has gained popularity for its reliability and value, making it a common choice for budget-conscious buyers.
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