Harley Magden: Turning A Car Collecting Hobby Into A Business

Welcome to the Porsche Club Insider, your one stop for all things Porsche and PCA.

Here's your host, Vue Gwynne and the Insider crew.

Welcome everyone to episode 183.

We are still at PCA's national office prior to getting on board Treffin at sea.

He said, still, I'm like, do I, you know something I don't know?

Made you a little nervous here.

We have Manny to my right, our special guest, which I'll introduce in a second on my left,

and Damon Launey at the controls.

And of course, we want to thank our presenting sponsor, Pirelli.

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And for those of you that are looking for a special Porsche, maybe check out Marshall Gold.

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Again, that's PCA.org and our guest to my left, dear friend.

And you've seen him before possibly.

You've definitely seen some of his cars.

We've mentioned Magnin Motors before, many of the cars that we've covered here.

He's local to the PCA National Office.

But now there's a transition to Marshall Goldman.

We have founder and president Harley Magnin.

I'm so excited to be here today.

Thanks, guys.

Thanks for coming through.

I'm also a PCA member.

You are.

Yeah.

You are.

And I remember we probably spent the whole $35, $50.

It's for you.

It's $120.

$120.

I don't know what it is, guys.

So $56.

$56.

Has it gone up?

Yeah.

It was $36.

Yeah.

Yeah, that is that is.

So we we met through a mutual acquaintance.

My dear high school friend, Brian Pertman, and he mentioned,

yeah, there's this guy in my neighborhood.

I think he's in the Porsches, but he doesn't really drive them.

And I mentioned that you're with the Porsche Club,

and maybe I'll bring him over to the house.

I think that's when you came over to my house.

I didn't even know you, and Brian brings you over.

I forget what you were driving.

I think you were driving like a yellow, like,

GTS or something like that.

Or maybe it wasn't.

I don't remember, but it was a pandemic meeting.

We met during the pandemic.

It was.

It was a pandemic meeting.

And I remember you bringing over like a car

that Porsche had lent you.

And I was like, let me drive that.

And you're like, yeah, that's not going to happen.

That's not going to happen.

Yeah, I think I think it was a turbo s or something like that.

But from that, man, have you fallen off the freaking deep end,

especially with the Porsche brand?

I know you're into other cars as well,

but it's been really nice to see sort of your your play

into the Porsche world.

And then with, can we start with let us a backup?

How did you get into cars?

Or how long have you been into cars?

Yeah, it's a great question.

So I grew up and my dad was a huge car fan.

Older cars, though, nothing new.

Like hot rods?

Like, yeah, the stuff from the 60s and 70s,

you know, when he was kind of growing up,

GTOs and Chevelles and things like that.

And they were cool.

And, you know, I like them, but I'm not a mechanic.

I'm not a guy that fixes cars and things like that.

So, you know, naturally, when I was growing up,

similar to how, you know, when you grew up,

you know, you were seeing these cars,

like the Porsches, the 959s, the Lamborghini Countaches,

that kind of stuff was on the wall.

And the 80s icons on the posters and stuff.

Yeah, yeah.

So, like, you know, I was always into cars,

but I really got into cars probably when I actually

started making money and I could afford the cars.

Which was, you know, in the 2010-2012 kind of time frame.

And I really love Porsches.

I just love the timeless look of them.

Like, and my first Porsche purchase was actually a Panamera.

You know, I had to give you somewhat practical.

You did.

In starting a family.

Like, didn't you wrap that one or something?

No, I didn't wrap that one.

And I had, it was one of my first of my three Panameras.

I was like, how cool is this?

A four-door Porsche, you know?

How practical.

Which is also what I tell my wife now.

And with the 911, I'm like, look at these, it's four-seater.

Exactly, plenty of room for your kids.

Now, your first four-door was not a Panamera.

I think you have a pretty cool first car slash four-door story too.

Well, I got, I wouldn't say it's a pretty cool car.

But so my dad had a rule.

He's like, all right, I'm going to help you buy this car.

If you get a job, so a 16, and I got a job at a grocery store,

packing bags, right?

All good.

And he's like, I'll put down half the money.

And the other half you're going to have, we're going to get a loan

and you're going to pay for, and you're going to pay for your insurance.

And I was like, all right.

So I remember the payment was like $161.

That was a lot back then.

So, and I was making $4 an hour, right?

Yeah, not a lot of money.

Rolling in it.

Rolling in it, yeah.

And he goes, but the only way I'll partake in this is if the car, and this is 1992,

has to have dual-air bags and anti-lag brakes and a good track, a crash test rating.

And back then, I don't know if you remember, that was like three cars.

And I remember the three cars.

Yeah.

It was like a Chevy Beretta.

Oh, I remember this.

A Taurus, a Sable, and then like one other car.

So before you go any further, I want to, I'm pretty sure the 944 Turbo was one of the first

with dual-air bags or at least single-air bags.

Yep.

Now, this had to be dual-air bags because I had a brother and, you know,

he was very in the safety at that time.

And yeah.

So you might be right, but I don't think the two-door version was really like a big option.

I thought you were going to be going and saying, and I got a 944 because it had,

but obviously I'm waiting to hear Volvo.

Yeah, no, I don't even, yeah, you know, there might have been more cars, but it was a Mercury Sable.

And it was like a,

That was a Taurus, wasn't it?

Yeah.

It's a Taurus Sable.

This was a little higher.

And my dad knew somebody that had a Mercury dealership.

So we got the Mercury.

It was a Seafoam Green 4-door.

Nice.

And you guys might,

That's like a grandparent special.

Oh, it's, yeah.

But it gets better.

So well, obviously I had to sport it out.

So I got one of those bras that you put on the front.

Get a moldy when it rained outside.

And then I went crazy aftermarket sunroof, the pop-up one.

Oh, you added a sunroof to it.

You know those pop-up ones?

Look, you do what you got to do.

The thing that I hear from this is your parents loved you and wanted you in a safe vehicle.

My story is a little bit different.

I won't go into too deep, but in 92, I was also same proposition, help you buy a car,

has to have an airbag.

I didn't say two and I ended up with a Fox body Mustang.

So my results was a little bit different for me.

Much different.

Because my brother's first car, he was a blazer.

He got a two-door blazer.

Oh, that's pretty cool.

Yeah, I'm like, I got a sable, but I guess technology, you know,

they started rolling out those.

So then a problem happened.

So then I had the car and it was issues.

I don't remember what the issues were.

I think it was like stalling or something.

Long story short, I had a lemon-law.

You had a lemon-law in his car.

So then I lemon-lawed it and I got another sable.

So my second car is a 93 Mercury sable in the same color.

So it wasn't until I was graduated school, and I don't remember the whole story,

because in our age, that's a while ago, 49, my dream car.

At that point, it was a Trans Am.

Tea taps.

I custom ordered it.

It was $26,000.

I actually still have the sticker to the original Mercury sable I bought

and the sticker to the first Trans Am I got, which was like, that was my dream car.

I'm like, oh my God, three-year lease.

It was incredible.

I was so excited.

It makes for a good story.

I mean, it's not the cars that we would have chose.

Oh, the Trans Am is pretty cool.

Trans Am, back then, it was like, oh my God, I love this.

It's like a Corvette engine almost.

And you know, it's so stylish.

It's very, it looks so futuristic, you know.

So that, yeah, I didn't get a Porsche until my first Porsche was that Panamera.

My first exotic car was actually, and I regret selling it.

People told me, don't sell it.

Don't sell it.

And of course, you sold it.

I sold it.

Yeah.

I was in maybe like 2012-ish.

I bought an F430 Ferrari manual.

Oh, gated shifter.

Gated shifter, hardtop.

And I remember selling it during the pandemic.

And it was before the cars like blew up in price for like 10 grand more than I paid for it.

I paid like 120, something like that.

Who knew Ferrari was going to stop making manuals?

Well, I sold this during the pandemic.

And then my buddy's like, don't sell it.

It's a gated.

Like I'm like, nah, now it's like 250, 280 for that car.

So we're going to have to compress this because I know there's lots of details we'd

like to go over from a young enthusiast that grew up around hot rods.

And finally had to break the news to your dad at some point that you're going to get into

exotics and stuff like that.

What did you do or how did you make it, so to speak?

And that you can afford to get that gated shifted Ferrari?

Yeah.

So, you know, I worked in the family business.

And my dad had a business, a window company in Cleveland.

And when he was building the business back in 93, I was in high school,

graduated in 94.

So that would have made me like a junior.

I helped him kind of build the business and stayed local.

Went to a college, a small college in Cleveland called John Carroll.

And majored in business, marketing and finance.

And I helped my dad grow the business.

My brother, after he graduated high school, went to college, you know, did the same thing.

We decided to help him grow.

We thought we're going to get the business because we were helping him grow it and

things like that.

Long story short, he decided at one point that, you know, he had a lot of money tied

up in the business and he was going to sell it.

Yeah.

And we were like, oh, we've been here for like eight years.

He wants to sell it.

What are we going to do?

What does this mean for us?

So basically he sold the business.

And, you know, I was in Cleveland at the time where I'm from and 30 years old.

And I'm thinking business is sold.

Not to you and your brother?

Not to my brother and I.

We couldn't afford that.

Oh, okay.

Yeah, that was, yeah.

He was, he had all this money tied up in it.

So basically it was kind of a blessing in disguise because I told my brother at

the time I'm like, regardless of what happens.

Shout out to Aaron.

Yeah, shout out to Aaron.

He's a car enthusiast that cannot drive a manual.

And I know he's going to hear this.

You just called him out on.

Wow.

Wow, Aaron.

All right, Aaron, I will, I will teach you how to drive.

And he has manual cars.

I will teach you how to drive a manual, Aaron.

I can't believe you just called him out on like a podcast

that's probably going to be thousands of people listening.

Hopefully tens of hundreds of thousands.

You're just, you're the typical older brother.

You got to convince him to do it.

So like the only way to do it is like peer pressure.

Well, now you've done it.

Now you've done it.

All right.

So anyway, so you're your brother.

That's not how he learned to swim.

I can totally see that too.

You totally would push him.

How long did we go?

So anyways, we decided that, you know, look,

let's help my dad sell the business.

He wants to retire great.

He's worked hard his entire life.

And we, you know, had we taken the business over, you know,

we, it always would have been, well, no matter how well we did,

your dad kind of gave you the business or, you know,

it was because your dad, so we were like, let's just do it ourselves.

So we had a non-compete and we decided to stay in the business.

We looked around and we decided to come to Maryland.

Didn't know anybody.

We went out there.

You came here because it was an open market.

The radius was 75 miles, but we looked at the areas.

We want to stay kind of close to Cleveland.

And if you're looking at like a five or six hour radius

to around Cleveland, you know, and I'm from Cleveland,

I love Cleveland, but you start going through the cities

and they're not exactly the greatest in the world.

I'm not going to say which cities are close to Cleveland.

You can look on the map.

I don't want to offend anybody.

Get out the Columbus.

Hey, Columbus is legit.

This is your boy.

As a brown spin, I could say this, not Pittsburgh.

Yeah.

But anyways.

Oh, we're going to get to that.

Yeah.

So, but you know, out of your land,

you land in the DC area.

Yeah.

Because it's a great economy, you know,

government workers are very stable, things like that.

So we opened a business and we,

it's called Window Nation and, you know,

we put our heart and soul into it.

We built it from literally zero and ended up.

And if you're in from this area, you all,

everyone in this area knows Window Nation.

And now we're at 36 markets.

So chances are, it is a wide reach.

And by the way, if you're looking for Windows,

WindowNation.com, we have a great special right now.

Are you still in it?

I am, my brother and I are the second largest shareholder,

although I'm minority and we're on the board.

Okay.

So you're still partly in it?

Yeah.

So, I mean, look, yeah, absolutely.

It's a business.

We're going to have to figure out a PCA discount code

for WindowNation.

That's what we got.

We should.

Say, I've heard of WindowNation on the radio

and what not.

It's a commercial though.

Commercials.

Yeah.

What used to be on the TV and doing the radio spots

and TV spots for like the longest time?

Not anymore.

I gotta say, when I first heard about

you and WindowNation, like, I was like,

that's impressive.

Because I did know a little bit of the backstory.

But I thought WindowNation started in Cleveland

and you brought it here.

I didn't realize WindowNation was started from scratch.

Scratch, yeah.

And then we opened in Cleveland in 08

when our non-compete expired.

Yeah.

And yeah.

So basically Windows.

I'm not a Window guy.

But I am.

As my brother, we're like system process guys,

sales and marketing kind of guys.

Yep.

And, you know, we'll talk about a little bit

what we're doing now.

But basically, we built a business

that was very repeatable.

Like I said, we went from zero,

eventually to right now 36 markets across the country,

Seattle, all, you know,

as far as Seattle down to Texas and Florida and so on.

So, yeah, I'm business guy.

So, you know, naturally, when that business,

we decided to make a transition

and step down and sell majority of the business,

we look for other things to do.

Yeah.

Some other stuff I'm involved in.

As you know, you've been to my restaurant before,

Mikey and Mel's Deli.

Yeah.

We have a really large car show there.

Anybody's in the Maryland area is

ever around and wants to stop by.

We have it once a month.

But you guys seem to have,

I've said it before

and you guys kind of deny it

or you're very modest about it.

It's like you seem to have the mightest touch.

Like when you get into something,

you think it's through and you execute it very well.

So, when I saw you getting into Porsches

and then watching you look at your phone

and constantly scanning on bring a trailer

and cars and bids and all that kind of stuff,

I'm like, I know there's probably an auction

you have to respond to.

But now, initially, it was for your personal,

let's say, collection for you and your brother.

But then you realize, man, I'm so consumed with this.

Maybe I'll start a business

and then all of a sudden I see you with Magda Motors.

Right. We're collectors.

I think the cars are very collectible.

I think that, especially Porsches,

is there a better brand out there that holds its value?

I mean, it's crazy.

We're very fortunate.

I mean, it's crazy how well,

as long as it's a two-door, how well,

but the cars are just built phenomenal.

I've owned every single Porsche,

the Cayenne, the Macan, the 911.

I've owned them all.

GT4.

Anything I can get my hands on.

I just love Porsches.

I love the brand.

I love the options.

You can really customize it to be like your car.

He often texts me, what color should I get?

Or what options should I get?

What do you think about this one?

And all I have to say is,

if you have an allocation,

just do it and we'll figure out the rest.

I remember because my Turbo S is like,

I want the perfect paint to sample color.

And I was like, give me three.

Just give me three.

And I end up going with one of the three

you chose, which was Smyrna Green.

Smyrna Green, yeah.

With the heritage interior.

And I got to tell you that.

So I tell him this,

but he doesn't tell me he chooses or he gets in.

I come to his house and I look in the garage.

Smyrna Green.

I do recall suggesting that color.

He did.

Have you ever done factory delivery?

I did.

I went to Stuttgart for my Dakar delivery.

Okay.

And it was a terrible day.

It was snowing and cold and salt on the ground.

And it was, but I'm like, I'm not taking this out.

I am not taking this out.

So I went, did all the whatever,

stayed at the hotel there at the experience,

but I did not drive it.

So I still have to do that.

But I've been, you know, I'm a big Porsche fan.

Yeah.

And I've been to the Atlanta experience.

I've been to Skip Barber School in Birmingham.

I just love that stuff.

It's great.

So going back to the business.

So when you were moving from Cleveland to Baltimore,

how many years did you have a break from collecting cars?

Because I can't imagine.

I didn't collect anything until I started making money.

When you start a business, you take all your available money.

Oh, yeah.

You put into the business.

So I guess there was a few years where you need to think about cars.

Six or seven.

Yeah.

I mean, I didn't buy anything.

A Ferrari F430, I'm going to say 12 or 13.

And that was like a big deal.

And I took a loan out.

You know, I put like, you know, a third down

and took a loan out on it.

Yeah.

So no, I mean, I remember my first frivolous purchase

was a Mini Cooper convertible.

That is a frivolous purchase.

Hey, I own seven Minis now.

Props to Mini Cooper.

Mini Cooper.

When did you and your brother decide that, okay, now this is...

I know you're running out of space because you started asking

about where can I keep all these cars.

When did you guys decide, okay, let's start really buying

and selling as a business?

And how did that plan come together?

When we left Window Nation, we were thinking like,

is it better to buy or build?

Right.

So we were looking at and we have a lot of good relationships

from our buying vehicles.

And we were thinking about like, maybe it makes more sense

to like buy a business, but we really got to do due diligence

because as you know, in the car space,

everybody's not playing by the same rules.

Right, right, right.

So we basically decided, you know what, we're going

to do this ourselves.

So at 23 is when we opened Magda Motors

and we bootstrapped the entire business,

started with maybe 15 cars.

And you know, brought in some key people,

a couple people that have been on this podcast before.

Yeah.

Shout out to Casey.

Yes, sir.

Casey Parkin.

Yeah.

I imagined the profit margin for the car industry is

a lot less than Window.

A lot less.

And let me just tell you, when you buy a car,

they always tell you the truth.

Oh, no.

Yeah, I know.

It's crazy.

Maybe the photo is not exactly as a car.

Oh my God, I had one last week that my brother

bought and he's like, look at this.

Urie, you've met before, certified technician.

It's like, have you checked out the over revs on this car?

Oh, no.

And it was, I don't know, level five maybe.

Oh, God.

And a GT3 and I'm like, yeah, what did we get ourselves

involved in?

We won't sell a car like that.

We won't.

Honestly, we wholesaled it out because I want to make

sure that every car that we sell is a car

that I would feel comfortable driving myself

or selling to my family.

So we won't do that.

Okay.

So that's still, we're still talking

magnet motors where you're buying, going

through the cars a bit.

You're not doing like major stuff though

because you're buying, you're trying to buy

good cars.

We're trying to buy good cars and then, you know,

that's where Urie came into play.

We would go through a 75 point inspection

on every car and make sure that this car was like,

if there was a problem, we either identified

whether we're going to fix it or what to do

with the car.

So when you start to business, do you say,

all right, we want to, we want to start

a car business the way we think car business

should be or are you looking to say,

eventually we're going to sell this and make

a profit on it?

No, it's, we want to make sure that, look,

have I bought cars?

Everybody in this room has probably bought a car

that probably wasn't as described and they

were a little disappointed at some point.

And even if it's a $20,000 car, I mean,

we find, for example, and I know I'm

deviating a little, is that, you know,

the person that spends 40 or 50 grand

in the car versus 400, 500,000 a car,

that person spending 40 grand, that's like,

that's a big deal for them.

The $500,000 car is like, I got 20 of these.

They don't look at it the same way.

So yeah, we absolutely put the car and the customer first.

Because that's part of the success of any business,

particularly car business, is trust.

With trust in these days, with the internet,

you do something wrong, everybody knows about it.

Sure, yeah.

So we don't want to go down that road.

So absolutely.

And then we tried to surround ourselves

with the best people we could to help us

build this business.

You know, it's more of a passion project

than anything else.

It wasn't like we have to make money immediately

or the kids will starve.

Right.

So that was a different story,

although I didn't have kids who wasn't married

when we started Window Nation.

You know, we were working 80 hours, 90, 100 hours a week.

We started with 60 grand total in that business

to when we started 30 grand each.

And we had to make it work.

Yeah.

We had to make it work.

The car business is a lot different.

You need a lot of money.

Yeah.

Or a big line of credit because,

Well, I would think with the windows,

you know, it's not like,

I don't know how many number of competitors,

but it's not like everybody can produce a window

and then everybody can go install a window, right?

But in the car market, you have so many people

that believe that they can buy a car

and recondition a car and sell a car.

You have a lot of competitors

and different levels of competitors.

That's a very different environment

than the window industry.

It is.

But trust me with windows,

there's like no barrier to entry.

You go to just distribution center,

borrow a sample.

And you know, oh, yeah.

Oh, really?

Okay.

It's weird with windows.

It comes down to what we did is we had a process

that was scalable.

And we did things just like we do with the cars

one step better.

Like everybody thinks about the window,

but really the installation is the most important thing, right?

You can buy the best window that you can find out there

and find a hack to install it.

And it's going to leak.

You can buy the cheapest window at a big box store

and find a guy that really knows what he's doing.

And it'll be solid.

But we would look at the materials,

like the caulking, the insulation,

things that other people wouldn't look at.

Cawking is the first thing to fail.

So we would find the best caulk that would last forever

and we would be guaranteed forever, right?

So that's kind of what we do in the car business

is we want to find the best vehicles.

We want to make sure that they're properly disclosed

and transparent.

And that's why we'll talk about the new business.

We have a pledge that we're going to guarantee these things.

Yeah.

And we had one time that a customer

wasn't happy with their car.

And we said, we'll buy it back

or we'll do everything we need to

and even though it checked out fine,

they brought the car back.

Yuri took a couple of weeks fixed and sent it back.

And we covered all the costs,

lost $5,000 on the car,

but we wanted to make sure it was done right.

Yeah.

Now, there's a difference between you

casually going through different auction sites

and saying today you want a Panamera,

tomorrow you want a GT4 RS,

and how did you decide the purchasing of these cars

would be done?

Are you and Aaron doing it

or do you have people that are doing it?

How do you find the cars

and how are you choosing which ones

are worthwhile to purchase?

That's the hardest part.

When I talked to people in the business,

two things they told me,

don't get into it.

And I don't get into it.

And I have a good friend, Chris Orzman.

He's like, are you out of your mind?

Yeah.

And Orzman's got to tell you.

Orzman, yeah.

He's like, what are you doing?

And then the second is you make the money

when you buy the car,

not when you sell it.

You got to buy it right.

So what we looked at is hard to find cars

and stuff that's more unique and build,

low-mile stuff, clean stuff.

But it is by far the hardest thing to acquire cars.

And when we had Magda Motors,

it was myself, my brother,

a couple of other people here and there.

And then we were really trying to get cars

off of our friend's inventory,

doing whatever we could.

I mean, look,

you go and bring a trailer,

you go on those auction sites,

that's all retail.

I can't buy a car and bring a trailer

and be able to retail and make money on it.

It's already at market.

Or above market, in a lot of these cases.

Yeah. So it's hard.

Connections, wholesalers.

But really it's about connections,

like who you know and who they know.

Obviously, once you start moving,

you get inventory through trade-ins.

You get known.

That's why the business we'll talk about in a minute

has been around since 1978.

It was a big deal to acquire this kind of business

because they have a reputation of being around

for almost 50 years.

When did, I guess, is it hard to

sort of classify or and or do you find,

do you find buyers and or sellers of different brands?

Like a Porsche seller buyer,

a Ferrari Porsche seller buyer,

are their buying habits or their transactions similar

or do you have to treat them differently?

They're different and based on the car

and also based on the price point.

Like we said before, price point makes a big difference.

Like I said, the customers that are sub 100,

those are, you know, there's direction to buy those usually

or it's their very first one.

And it's a big difference in the purchase

versus like a car that's 51.

We have cars from 50 grand now to over 2 million.

Wow.

How many of your customers are people that say,

hey, I'm looking for something such car.

If you find it, let me know and I'll buy it from you

versus the guys who are looking at your website

and say, I noticed the GT3RS that you have listed

and I'm interested in it.

Well, most of it's people calling on the inventory,

but we do always, you know, when people call up

and if our car is not right for them,

we say, well, what is your ideal spec

or what price point are you looking for?

And we do try to find it.

We also have people that we have a you slack

and we have a chain that basically,

if you know, if somebody wants to buy a car

or put it in this in the chain

and one of the 20 people on the chain

will try and locate that car.

So yeah, both both really.

Buying large collections is a big deal,

but you got to come up with the money.

And some of these collections

that have the really good cars

because somebody passed away

or they fell on a financial hardship,

$20, $30, $40 million.

Most people can't write a check for that.

And now with our new situation, we can,

but we couldn't do that under magnet motors

because we were too small and we were brand new.

And when you're brand new,

it's harder to get the financing in place

and harder to get the vendors to work

with a brand new company with no experience.

All right, well, before we transition

over into Marshall Goldman,

allow me to recognize our new corporate sponsor,

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And man, he's chuckling to the side of me

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I mean, I gotta be honest,

how did you memorize all that?

Yeah, right.

How in the world did you memorize that?

I was thinking that, you know,

Harley, in his eyes, he was thinking,

hmm, I can buy an ad

and I can write what I want Voodoo to say.

And he would totally do that.

He would do that.

I might.

Are you gonna become a PCA Insider?

Just to hear it every week.

Marshall Goldman, our latest PCA Insider.

We've been supporting,

we're in the magazine now.

You are?

You know, you provide us cars too.

Work for union?

Works for union.

Works for union, yeah.

So absolutely, we're...

And you can even write the copy.

How's that?

And I won't promise I'll say every single word.

That's how I was laughing.

And I'm thinking...

You were reading every single word there,

by the way.

I saw your eyes.

You did not skip over the word.

I'm wondering what he memorized.

Is it gonna finally memorize it?

I know most of it,

but I'm double checking as I read.

But again, thank you to Auto Atlanta.

All right, so Magnum Motors.

It's funny because here,

I just got a text from my brother.

He's like, I'm the Porsche expert now,

believe it or not, for...

You are the Porsche expert now.

Somehow I'm the Porsche expert.

From the time that I met you.

From a buying perspective, yes.

Yeah, from the buying perspective.

I still am not much of...

But here, any idea on what a 07 GT3

with 900 miles is worth?

A lot.

He sends this all the time,

but I'm like, what color?

What options?

So that's...

You do that to me too.

And the thing is it's not...

I used to.

No, you still do.

It's not an easy...

How many overribs?

How many...

Yeah, it's only 900 miles.

If there's any overribs.

There's so many details, right?

Like an 07 GT2.

Yes, that's great.

But the price between one that is...

Would you say 800 mile car versus a 23,000 mile car?

There's a green versus a black.

Look at you!

I had the Halloween spec.

The blue and orange.

The black and orange one.

It was black with orange, not orange with black.

That was an RS.

You got to get the green and black.

Oh, this is a GT3.

I didn't even see that.

GT3 RS.

You used an 07 GT3 RS in green and black.

I did.

The Holy Grail.

No, no, you're wrong.

I had an 07 GT3 RS black with orange accents.

I bought it on Bring It Trailer.

I don't know how much time we're going to have,

but I was funny story is,

I didn't know how to use Bring It Trailer.

So I thought it was like eBay,

where you put in a max bid and it just bids it up automatically.

So I put in a bid like 35,000 higher than what it was.

Clearly I won it.

The good news is I bought it for...

It was a 2,000 mile car.

I bought it for like 170 during the pandemic.

We're way more than that now.

Again, that minus touch that you're telling.

You do fall into this stuff.

Not everybody's saying,

I'm going to sit next to this guy in the auction just so...

I'm sweating on.

You do not, by the way.

If you ask my partners,

I am banned from all auctions now.

I am banned because I'm too impulsive.

I did buy two cars in Monterey.

We're going to get to that,

but we're going to get to that.

So when did Marshall Goldman come up

and how's the transition?

Yes.

What we did was...

So I'm from Cleveland.

Marshall Goldman started in Cleveland.

They have three other look.

They have two in California, one in Cleveland.

And I lived 10 minutes from the Marshall Goldman office.

And what are they known for?

They're known for high-end exotic cars.

And in Cleveland, there's not a lot of high-end exotic cars.

They're the only one, actually.

It's not Miami in California.

This is Cleveland, Ohio.

And we would drive by the show massive,

like 25,000 square feet retail all inside.

And you just see cars through the windows,

Lamborghinis, Porsches, Ferraris,

and you're 10, 12, 15, 18 years old.

You're like, wow.

I want to own one of those one of these days.

That's the dream, yeah.

So I wasn't until, I don't know, maybe seven or eight years ago,

I bought my first car from Marshall Goldman.

It was a slant nose.

A 1987 black slant nose.

Still have it right now.

Mm-hmm.

I remember that one.

And I got to know the guys.

And I found out they were owned by Private Equity.

And a couple years ago,

when we were starting to do our dealership,

I kept bugging Harlan, the founder son

and guy who runs the business.

I said, we should do something.

He's like, it's not the right time, not the right time,

but if something comes around, I'll let you know.

So we were talking for about a year.

And then eventually we were able to come, basically,

he sold the business to Private Equity

with his dad back in 2018.

And we reacquired the business with Harlan.

So Harlan's our partner, he's, you know.

Also they took it back from the Private Equity.

So we bought it back from the Private Equity.

My brother and I, and then Harlan,

bought it back from Private Equity.

And basically, you know, Harlan's,

like his dad's a legend in the business,

they have tremendous connections.

They've been around since 78.

They have a great reputation.

And we were looking for a business that we can scale with.

So we ended up doing a deal back in April

and actually just relaunched the brand during Monterey.

At Works Reunion.

I mean, by their place to do it.

Exactly.

And shout out to Oliver.

He was working hard.

Oliver was working hard.

And he's going to probably listen to the podcast too.

So Oliver, good job.

New brand, new logo, new website, new everything.

And they still have three locations?

Yeah.

So there are two in California,

one in Beverly Hills, one in Newport Beach.

The one in Beverly Hills is like right down the street

from like Rodeo Drive.

This is like a dealer.

Yeah.

Full blown dealer.

And then the one in Cleveland.

Plus we flipped our name from Magna Motors

to Marshall Goldman because we had, you know,

two years of, you know,

name recognition.

They have almost 50.

All right.

So now you have West Coast, East Coast.

And Midwest.

Yeah.

So our plans are to open down in the South

in the very near future.

Once we kind of get the team,

you know, built up to a place that makes sense.

But yeah.

So basically we went from having 40 cars in inventory

to 250.

All right.

So now it's, you know, totally different game.

And if you went to MarshallGoldman.com,

you can see our vast selection of amazing vehicles.

Introducing our latest podcast sponsor, MarshallGoldman.

That sounds pretty good.

So yeah, that is great.

I would like Manage to do the read.

In Spanish.

Yes.

Fine.

So yeah, super excited.

Super.

I can see we're schooling right now.

Look at that.

All of that sharp blue GT3 RS.

Look at the Superman spec.

Yeah.

I worry when I see call for price.

That green SF-90, I personally secured that.

And that's a signal green.

That's a Porsche color.

Yeah.

I mean, I just saw that.

Is it black and white or is it my color blindness?

That particular.

Oh, now there's colors.

All right.

Yeah.

There's definitely colors.

These are coloring in alphabetical order.

So now all these cars, you could have them delivered

at any one of the dealerships.

Yeah.

So I mean, it shows where they are, you know,

like that beige Audi.

And I don't know, I can't stand the color.

But I'm sure something like that.

SQ8.

Yeah.

It's in Maryland.

It tells where they are.

It's golden sapphire.

Unless it's a Sahara or something like that.

It's golden talus.

I don't know what it is.

I don't think Audi calls it beige.

But you can see that we have the largest on here,

Porsches.

I mean, I don't know how many dealerships have 50 Porsches

that aren't a Porsche dealership.

And if you look in the top left one.

Wow.

Didn't you just sell that one?

We did not sell it.

It was a no-sail at the auction.

That's the one we picked over the 4.0.

I know.

I told him that.

We sold the 4.0.

But you know, I didn't know anything about this car.

But now it's like, you were telling me,

it's like the GT RS of the day.

They made like 10 or 12 of those cars.

You can see it's in perfect condition.

Came from a private collection.

And is an amazing spec.

So for those listening, this is a 59-356 GT.

It was not a Carrera.

It's not a 4-cam.

I think it was a pushrod engine.

But it had the GT in it that had aluminum body parts.

So 59 was a year that they extended the production of the Speedster.

58 is the last year of the mass production.

They made some speeches for special customers in 59,

and this is one of them.

So when we saw this in Monterey, it was pretty cool

because you don't see many 59s.

Our jaws dropped.

So I'm pretty sure your knowledge on this car is less than mine.

So who's managing how much that car should go for

and why didn't it sell at RM kind of a thing?

Well, so that was a car Harlan acquired.

He's really knowledgeable on these rare, rare cars.

And I just, I don't think the buyers were there.

If you were at that auction, Ferrari's were the king

that day on Saturday.

And it's a very obscure car.

I don't think we put enough publicity behind it.

I think that the story was told because I was at the auction

and it was just like reading what was on the screen.

The story was told, it would have sold.

But it's good that you have someone that knows

like we're going to hold and not just fire sale it.

Yeah, absolutely.

We're not, especially a car like that.

I think there's like 12 or 14 made and I don't know how many.

That's probably the perfect example of that specific vehicle.

So if you're out there and you're looking at a special,

an extra million dollars in the back of your pocket,

you should look at it.

So, I mean, that's a, that's a, from a Mercury Sable

to now cars that are in.

Well, these aren't my own cars, but I, you know.

I was going to ask now, you go for the inventory

and say, which ones of these can I buy for myself?

I'm not going to lie.

That does, does happen.

I bought an employee discount.

There was a 29 speedster paint the sample that I was like,

that one is not going on the inventory.

I am buying that one.

Cause I made a mistake of selling my, my Mexico blue one.

Yeah. I was, I don't know what I was thinking.

I'd make some bet.

You say I'm a good, trust me.

You should see some of the business decisions I make

on these cars when I try to sell them.

Like I sold my Ford GT in the blue color, the 0506 for like 260.

It's like a 450 car now.

Some of this stuff, I don't, I don't know.

Is your brother had the same taste in cars as you do?

He's a Ferrari guy, but he does have a 918,

which we're going to hopefully bring to your, the open house,

open house, but he's more of a Ferrari guy.

And I'm definitely more of a Porsche.

That can become pretty expensive.

Ferraris are you can have,

you can tame your Porsche having pretty expensive.

I'm like, I can buy five of these for that one car.

Like I'm much better off owning these five cars

versus that one car that you can't drive

because it's a manual.

Again, Aaron, I will teach you.

I will teach you.

That'll be awesome.

So Marshall Goldman, this inventory now,

does it rotate around the country or you just buy them

and then certain markets will end up with the cars

and you leave them there?

Or how does that work?

Yeah.

So because of shipping, as soon as we acquire the vehicle,

we send it to the location that's either closest

to where the car is located to minimize shipping costs

or where we think it's going to probably sell the best.

Although 80% of our customers don't live in the city

that the car actually resides in, right?

So take for a Maryland example, you know, of our inventory,

like 80% of those customers that buy from us live

outside of Maryland.

Oh, okay.

So, you know, in most of the cars we sell our site unseen,

I mean, we welcome people coming in and, you know,

we have an open showroom and, you know,

yesterday I had somebody hire a company

since they're not advertising out here.

I won't say who they are.

But send them out to look at the car and inspect it,

you know, before they bought it and we sent it to them.

I would imagine a lot of your business

is either word of mouth or through the internet

because your location isn't what I would consider

a, you know, off a major highway.

But one of Maryland is not correct.

It's something that, if you know, you go there and you...

Right.

It's visible from Dorsey Run.

But yeah, the ones in California know

Ohio are on a major road.

You're not lining your cars up on the front of the curb

with flags as people go by.

You know, it's a,

would you imagine a high-end place to be, you know?

It's like that audio place

that used to be on Hartford Road, I think,

where you'd never realize this place was there,

but they sold like a $10,000 turntables.

Really? Was this Speaker City?

No, I think it was called The Cerny Year.

Okay, that was a joke.

Yeah, it was just audio.

This was, I think, was called The Cerny Year.

But I remember it, from the outside,

you never knew it was an audio place,

but every audio file knew about this place

and would go there and would even blink

when you told them the turntables send grand.

You know, it was like, they expected it.

And I think almost this is,

you don't find Chevy Cobalt's at this place.

No.

Chevy Cobalt, huh?

Pulled that one out.

Man, I haven't heard that name in a while.

The Cobalt SS Great Car.

Remember those?

Not when you auto-cross it.

Not when you auto-cross it in the rear,

rear drums lock up.

Yeah, the front ABS is kicking in.

Well, whose Dodge Neon is that outside?

Because, uh, Dodge Neon.

No, I'm just kidding.

I can't really say it.

That's about as rare as,

I mean, mentioning a Chevy.

I almost wanted to go out and take a look at it.

I was like, I haven't seen a Neon out there.

I was expecting to roll up and see a,

I drove a Porsche today.

That's your, that's about it.

I drove my RS Spider and Signal Yellow.

Oh, you did?

Yeah.

Remember Harley, we're a non-profit here.

We don't have an inventory to choose from, like you do.

Hey, you know, is what, whenever you call me

and you say, could I borrow something?

You always, you always say yes.

You always say yes.

And I say, don't ground it.

I know, exactly.

Well, uh, so does the process, uh,

for refurbing the cars the same,

even though now you're Marshall Goldman,

like, do they have a URI

in all these locations to clean up the cars

and get them ready or?

So yeah, we do the same process, um,

in all the locations, um,

it's because we want to make sure,

again, we're, we're selling and disclosing

these cars as exactly what they, they are.

And, but the answer is yes.

And most, you know, I was shocked,

was shocked to find out that most companies

don't do that.

Most companies, I'm not going to name names,

but I've known for a fact,

because I know a lot of these, these dealers,

they, they don't put it through the process

that we do.

Yeah.

And that's fine, because most, you know,

buyer beware at all, but no different than,

like, bring a trailer, you buy a car,

and then you find out something was not as described

or wasn't noted, but I just want to do the right way.

So all I can speak for is what we do

and what we want to be accountable for,

and we want to be accountable for the highest standard.

So when you're buying from, say,

bring a trailer, cars and bids or wherever,

it might be, um, is it,

is it often that you get something

that you didn't expect or you have major issues?

So being as impulsive as I am.

Exactly.

I'm very worried when you're the purchasing person

in the company, because you just click,

I'm not, I'm not the purchase.

I told you I was banned from these auctions.

I was removed.

I was told, take the pass away and do not bid.

And I only bid on two cars, one both,

and I was via a phone call the night

before I went out to Monterey.

But maybe I bought 20 cars,

I'm bringing a trailer and I'd say

two or three had, were, were disappointing.

Yeah.

So a pretty low percent, you know,

but you got, you also learned a lot.

You learned a lot.

I mean, those were,

none of those cars were big, big,

you know, real expensive.

We're talking those 15,000, one was 40,

and then it was maybe another one

that was a little more money, like $125.

How many calls a day do you get from

brokers, people saying I have a car to sell you?

So since I don't handle that part

of the business anymore,

like I said, I am not allowed to buy.

Your phones are gonna start blowing up.

We're like, oh, that's a softie.

That's a softie.

No, he's one of the founders.

So they're going to be reaching out to him.

My brother and then Harlan are predominantly

the two buyers and they probably get

25 to 40 calls each a day.

I would say it's up to that.

Yeah.

And we're picky.

We're probably buying 10 to 20 percent

of the cars that are offered to us.

I'm sure there's other dealers that,

for some reason, can't sell this car

and they think, well, this is the kind

of car for such and such.

That's why there's mankind or auctions

like that, you know, where people

basically say, I, you know,

why is this car at an auction

that anybody can, because I don't know,

usually you have a problem with it.

Yeah.

I mean, but if you have the reputation

where you can have a smooth transaction

with Marshall Golden, just know

they know they have something valuable.

They're looking for a good price,

but they also don't want to publicize it.

They don't want to deal with tire kickers.

And they know that you'll give them

a decent price then.

You're hitting the nail on the head.

I mean, they don't want to put

the price, the vehicle out there.

Number one, number two is cash as king.

If you could pay quickly, that's what matters.

Yeah.

You know, when people, you get your great deals

on people, when people need to get rid

of these cars quickly and they need the money fast.

Yeah.

So, you know.

So that's, that's, that's one direction

of the transaction.

Like how do you, how do you protect yourself

when people, you said 80% of your cars

are going out of state and you site

on seeing you don't even know who

this person is.

How do you protect yourself in terms

of not being scammed in that car

going on a, you know,

container ship and then disappears

and the money that was quote,

quote, wired to you isn't good.

Like do you, how do you protect yourself?

When we buy the car or sell the car?

When you sell the car.

And I want to get into details on that

because I did have a car stolen from me

about a month ago.

Really?

Yeah.

A $400,000 Lamborghini Huracan

through a shipping scam.

No.

Yeah.

And it's still dicey.

But it's, you gotta, like we are

tightening up our systems to the,

like this specific situation was a

central dispatch, which we don't use anymore.

You mean the trucking company?

Central dispatch is basically a place

where you basically put your car online

and people will bid to transport it for you.

A lot of brokers go on there

and then they find drivers who don't

use that kind of technology.

And what happened, and this is definitely

like the big, you know,

you got to be very careful,

is that they somehow hack the driver

and rerouted the driver after he picked

the car up from California

to a mile away from the New Jersey port.

I've heard about this.

Not your case, but I've heard it happen

something similar.

Yep.

Yeah.

And basically the driver's just like

I'm following instructions.

I've been told to go out the car.

So like we have like tripled down

on how we go about shipping vehicles

because when I mentioned this to other people,

almost everybody has a similar story

that does volume where it's like,

yeah, I got a car stolen too.

Wow.

So yeah, that's a big deal.

Like transportation is a big deal

because one, you want to make sure

it gets there safely.

Right.

Undamaged.

And you know,

I didn't think about the whole,

it might get stolen while it's being transported.

It is.

That's how like the goods on Fast and Furious

got stolen.

They took it from the truck.

The first one won.

Okay.

I remember one.

I don't, what are they after like 19 now?

He's the only one who's watched every single one.

I'm like, I'm done after four.

I don't know what else can happen,

but I'm done after four.

They made one going in 60 seconds.

Exactly.

Didn't have any other answer questions

different.

Exactly.

So yeah, it's, yeah,

that's the most difficult thing

right now is making sure that the vehicle gets

from A to B correctly on time.

Like my brother had a car,

he bought it in auction,

a really rare Mercedes.

And it was a very reliable carrier.

And they damaged the car.

It was coming out and whatever happened,

there was something happened

that the car hit the ground

in an inappropriate spot.

It was like a perfect storm.

Caused like $15,000 in damage.

They were a reputable carrier.

They covered it all.

No questions asked.

Did the right thing,

even though it was a really bad situation?

No, did they, did they fess up to it

or did you see it?

We saw it happen.

Oh, you saw it happen.

It was unloading the vehicle.

It was like a black.

How many of you,

how many of you seen the photo of that,

that roof that was on its tail end

that was being delivered?

Like that's,

that would be my fear, right?

Somebody just didn't pull the e-brake

or something and just roll.

Yeah.

Those are like one-off cars, right?

Yeah.

I mean,

when you get to a one-off car situation

where it's like,

you can't replace it.

Yeah.

I mean, that's where you really

got to be super careful.

So like, you know, these cars

that you buy at the auctions,

if you're buying like a really one-off car

or that guy that bought $26 million Ferrari,

I was in the room with that.

It was pretty fun.

Didn't you at one of the Rennesports,

wasn't Porsche 356 number one

in a situation like that?

At one Rennesport,

it was 98th for the parade in Canada.

It was being unloaded from a plane

and it was dropped.

Yeah.

It's, you wouldn't,

don't want to be on a receiving end

of that phone call when

he's living.

Buying cars as we're doing this.

I'm not buying.

I'm just showing you a bring-a-chair

or what I, what I liked.

You have a problem

and you've made a,

Do you want to tell people what this is?

It's a successful business out of it.

It's not a Porsche.

It's not,

but it's a very nice vehicle.

It's a Gaudi.

It's Gaudi.

It's very Gaudi.

It's a 10,000 mile,

2016 Rolls Royce Don.

And since this is being recorded,

nobody could bid against me.

It's just so Gaudi.

I just like, I mean, why not?

And you have to have the shoes to match.

I do.

Yeah.

Look, he's clicking.

Stop clicking.

Stop buying cars.

I'm just showing you this is a Porsche ST.

Oh, wow.

It's sold.

Mark is falling in love.

So that's a great segue.

The cars that you have bought,

you buy Primo cars.

And sometimes I hear you kind of

hymn and haw

that you're paying a premium price

for these cars,

but then you hold them for like

six months and you're getting,

you know,

a pretty good return on your money.

And like,

I mean, I do have,

you know,

I do buy cars as an investment.

I mean, there's very few cars I drive,

like a daily basis.

Like I just got that sport tourism.

I should have brought that here.

The Taycan.

Yes.

You got a smoking deal.

I know.

Actually, can we just,

we can talk about that one.

Yeah.

Can we talk about that one?

I mean, I don't think I'm going to sell it for a while.

And there's no reason to.

It's a 9,000 mile GTS sport

Turismo in ice gray metallic.

It was like a 150.

Taycan sport Turismo.

Yeah.

The wagon for those of you that don't know.

Yeah.

And I just,

wagons just sort of like the coolest thing now.

Sticker that what?

160?

158 ish.

Yeah.

9,000 miles, two years of warranty left,

CPO'd 86 grand.

CPO.

CPO too.

I know.

I mean, so.

But I don't think that's,

that's not the car where you're going to hold

for six months and sell it from.

No, that car is definitely not going up.

Do you have a charger in your house?

I do.

You guys?

Perfect.

Yeah.

I mean, you got to have a 220 these days.

But like the ones at the auction,

I definitely overpaid for them.

Yeah.

But it's like,

I just feel strongly that these older Porsches,

for example,

but one was a 97 Turbo S in yellow with 4,000 miles,

primo condition,

all the right options.

And you know,

I don't know if it's public knowledge,

but I paid with the fees like 780.

You know, a lot of money.

Yeah.

But I just feel like that color,

that car combination,

like I'm not selling that thing for a while.

And I just don't see the downside

if you have the money to spend it.

And I did sell my 20,000 mile 97 Turbo S

in black black to help fund it.

Wow.

You know,

which I did buy at an auction the year before

and that one appreciated $55,000.

Did you listen to our recent podcast

about the 993C4S and Oak Green Metallic?

Yes.

Did your jaw drop when you found out

how much I think it hammered for?

Yeah, just crazy.

But it's like those cars,

it's like, you know,

you know,

There's no more.

Find another.

Yeah.

I mean, they made what 183 Turbo S

for America 97

and how many have 4,000 miles in yellow?

Like we have one in our showroom

and it has 85 miles.

85?

It's a consignment car

and the ask from the consigner

is over 2 million.

Oh, God.

So

But we're also going to get a

it's if you want to find another.

Two-digit car, yeah.

So I mean, I was stretching

and it had not sold the other car.

I wouldn't have bought this one.

But, you know, I just,

I told the guy on the phone,

I didn't tell him that,

but I was like in my head.

I'm like, I'm not losing this car.

I'm not losing this car.

I came close.

I was like one bit away

from losing the car

because I was, yeah.

So you also add,

we kind of glossed over this.

So you have a facility,

more of a personal collection facility

or maybe where it gets rehabbed

not too far from here.

They're both, correct.

But you next to Mike Levitt's TPC,

you have your showroom

for Magnum Motors Now,

Marshall Goldman, right?

Correct, yeah.

I mean, that's an investment.

I mean, you did a nice job

in renovating all like,

you're 100% into this, man.

Yeah, oh, bro.

Look, you gotta do things one way

the right way, right?

And we are fortunate enough

to be able to have the funds

to do it the right way,

make a mistake

and be personally accountable for it,

but it's not gonna make or break us,

right?

Where when we were first building businesses,

you make the wrong mistake

and it could bankrupt you.

I own some restaurants too,

like we talked about.

And my first business I started

was actually a restaurant

when I was 26, 27 in Cleveland

and it was a failure.

That's a tough business.

Yeah, I took it.

We had a family restaurant too.

That also failed.

Restaurants are tough.

And I took with two other partners,

we did something great.

We took 350,000 and turned it into 30.

That's like racing.

It's restaurant weekend Bethesda.

We went to dinner on Monday

and the owner came out super nice

and he was talking about,

you know, he saw how nice our family was,

talking about his daughters.

And he was like,

he had 11 restaurants

and he's down to five.

And I said, you know,

he started rattling off

what his daughters do.

And not one of them

stayed in the restaurant business.

And I was surprised like, sir,

none of them are gonna take over your empire.

He said, absolutely not.

I told him to all run

from the restaurant business.

I mean, the hours,

the margins, the headaches,

it's, I don't know.

I mean, we opened Mikey and Mel's Deli

as a passion project for my dad.

So I didn't kind of tell the full story,

but my dad ended up retiring at 52.

He passed away at 66 from lung cancer,

stopped smoking for 10 years.

He was diagnosed in January of 2018,

was dead in August.

Wow.

And, you know,

what we wanted to do is

we wanted to pay homage to him

and my grandfather was Mel

who passed away in 78 years old,

in 06.

So we opened,

I just said,

how cool would it be?

Because we used to go to Delis all the time

to open a Deli or a restaurant

called Mikey and Mel's.

It just has such a great name to it.

And then we,

Right in your hood.

Right in my hood,

right in Maple on.

And then we did the car thing

where we have the car show,

which is,

I think the largest in Maryland now

where people come,

if you go to,

I think, Mikey and Mel's cruising.com,

you can see the dates,

but it's for charity,

it's for fun,

it's to help support the restaurant

and the community.

Nope.

And we have a lot of fun doing it

and you see people come out,

starts at 10 vu,

but people come at 7.

Yeah, I told my brother,

he goes,

what time should I get there

and get a spot?

I'm like,

8.30 should be fine.

I said,

I find out he parked

like almost in the last row.

It's crazy.

What time did you get there?

He goes,

8.30.

I'm like, wow.

Yeah.

I mean,

why say what time to be there

if you're just going to show up

whenever?

But those things are fun.

Like I feel like there's a sense

of community around car shows

and cars as well.

People tell a story.

It's like a picture's worth a thousand words.

You walked up to anybody

at those car shows

and asked about their car

and they will tell you a story.

Yeah, absolutely.

So we saw you in Monterey

selling through your website

and people that come

to the actual retail facilities.

That's standard,

but you're selling cars at RM,

other auctions as well.

Broad Arrow, yeah.

And Broad Arrow

who makes,

who arranges all that.

How does that all work?

Yeah, that's Harlan again.

So he's been dealing

with these auctions for a long time.

We buy cars to specifically

send them to those auctions.

Right.

So like most of those cars,

I think all but two,

were never listed online.

Like the 4.0 with 100 miles,

never listed online.

There was a Lamborghini Scion,

never listed online.

That Porsche,

until right now,

that was the only one

that didn't sell.

Never listed online.

So it's almost like,

we got to get those specifically

for those specific auctions

because we feel

that's the best avenue

to get the most money.

For those specific cars.

For those specific cars, yeah.

And then are they sold

under Marshall Goldman?

So it also gives some.

No, this goes to the auction.

We can put Marshall Goldman

tags on and stuff like that.

But yeah, when it's sold

to the auction,

there's no really mention

of the dealership.

Sometimes it's better that way.

Yeah.

And then how many cars

did Marshall Goldman buy

during Car Week this year?

Good question.

Because I wasn't allowed to be

in buying those cars.

So they bought the correct amount,

whatever that amount was.

I had to guess.

I think afterwards it was only like

five.

The market was pretty strong out there.

And we're buying based on rarity,

customer that might be looking

for something specific

or if it's a good deal.

It's hard.

I would say it's very hard

to find a good deal,

especially at Monterey

where there's a lot of limelight.

And then there's also some fever

of being in the crowd

and buying a car.

And good cars seem to have fetch

top dollar.

And then you always sometimes

forget about the auction fee.

Oh, yes.

What's the auction fee?

12% up to 250

and then 10% above that.

So you buy a car for 400.

That's going to cost you

another $45,000.

And you're like,

oh, and then by the way,

you're going to transport it

from California to Maryland.

That's another $2,500.

Oh, no, no, it's car week.

So they're going to double

the price of transportation.

So with the 356, it didn't sell.

We shipped it right to Beverly Hills.

That's where it's at right now.

Right now that car's expenses

just grew.

It didn't.

No, because if you don't sell,

well, we don't have

very expensive.

The car doesn't sell.

Just a transportation cost.

Right.

Assuming that we transported,

which we did in this case

from Cleveland,

but we have a place

in Beverly Hills

right down by Rodeo Drive.

And we just shipped it back up there.

So just the cost of doing business.

Yeah, but bring a trailer

charges you to flat feet

no matter what.

No, bring a trailer charges you

5% up to $7,500.

So if the car's a million,

it's still $7,500.

Right.

So it maxes out at $150,000.

To list it?

To list it,

I don't know what they charge you.

I think maybe a couple hundred bucks

maybe.

But the buyer pays the fee.

I'm saying to sell it

when it doesn't sell.

Yeah, I think there's a very

nominal fee,

maybe $100, $200.

We do a very little

on bring a trailer.

So I'm not a hundred percent sure on that.

Oh, so if you don't...

And they're not a sponsor.

So actually, we are working

with them on a program.

So they might be stepping up.

And we've had some positive

conversations.

It's fun to watch.

I mean, you could see my phone.

I had like nine things saved.

Exactly.

Anything else is coming up.

Here's another one.

He's got all these alerts.

Oh, Mice and Blue.

Let's see.

I have a Mice and Blue Speedster.

Not Speedster.

Now, which auction do you

like to watch in person?

Do you like the RM style?

Or do you like the Meekum style?

I like that.

I mean...

Don't badmouth people.

Just say what you like.

I'm not badmouthing it.

I'm just saying it's sensory overload

when you go to Barry Jackson or Meekum.

Oh, yeah.

Oh, they think it was so quick.

By design.

Not only that, but it's like,

I'm like, what is going on?

What are they even saying?

I have to look at the readout to see.

It's fun to watch on TV.

Because, you know, but when you're in person,

it is, you know...

I believe they're in person

and it moves so quick.

Literally, you go up to the bathroom.

They've gone for two cars already

and you don't know what happened to the car

you were watching because...

Or the car is already off stage,

but they're still bidding.

I always say the RM

gooding is very more gentlemanly.

It's slower, you know, it's left and right.

You got somebody speaking in a British accent.

Exactly, where Meekum was super fast.

The cars differ, obviously.

You know, they always have one day

where there's real expensive cars,

but a lot of times they're a lot less expensive.

But it's entertaining to watch on TV,

especially the old ones,

because I used to watch that auction with my dad.

All right, last question.

Five years from now,

what are we going to be talking about?

In regards to cars or life?

Cars, Marshall Goldman.

Like, I feel like you're going to open

a transportation company because...

There is zero chance

I'm going to ever open a transportation company.

Yeah, never, never open that.

Well, odds are, based on what I've heard this past hour,

you're going to be starting another business in five years.

Maybe. I mean, look, our goal is to grow this business

and make it a net...

If you think about used cars,

there's Carvana,

there's Carmax, there's Vroom.

Like, there's no exotic car brand around the country.

So I'd like to open enough where logistically it makes sense.

So if you buy a car in the middle of the country,

you can send it logistically to a point

that's not going to cause, you know,

from California to Ohio, it's chipping.

And it's to have a national brand.

So I think Marshall Goldman is going to be...

And Marshall Goldman, by the way,

actual Marshall Goldman himself is still alive,

comes into the office a lot,

and he's still a big car enthusiast.

But we really want to kind of blow that name up.

Across the country.

So that's kind of our five-year plan

through either merger and greenfield,

or organic growth.

Five years, I see the Browns winning the Super Bowl.

Okay, and we're going to move on.

I was going to ask you about that.

Before we get to the sports.

Whoa, whoa, whoa.

You need to go to Baltimore

because that's what the Browns did.

Okay, well, first of all, I am not a Ravens fan.

So...

Come to the winters.

And this is where you lose Ville.

Whoa, whoa, this is where we lose Manny.

He goes the way out, he ain't driving home.

Well, first of all, thank you.

You supported, people don't know,

other than what they may have seen online.

But thank you for always supporting and saying yes to when we needed cars

and inviting us to the near dealership

and access to your folks.

And even as next week where we've asked you

to bring some cars for the open house,

you've always said yes.

So I want to thank you for that.

I want to wish you the best of luck

with Marshall Goldman

and all the other endeavors that you have.

But I don't think you need luck

because, as I said earlier...

Everybody needs a little luck.

But I got to tell you one thing, Vue,

I don't want to interrupt you,

but there is nobody happier than Vue.

And ever see Vue, this is such an easy guy to deal with.

And anytime you see him,

he is the happiest guy around no matter

what situation is going on.

So it's really a pleasure to work with you.

Thank you.

I always wonder what's going to be that click

that makes him just lose it like a postman.

It's possible, it's possible.

But...

He's got the best job.

He's the happiest human ever alive.

He's got great kids.

And he's a lot slimmer than he was six months ago.

I know.

He's looking great.

We are all very fortunate to be where we're at.

So with that, let's head over to...

Oh, before Porsche News,

just to make sure to remind you to sign up

for PCA's newsletters,

performance news, e-brake news,

and Mark Fresh, all free again, PCA.org.

Jumping into Porsche News.

This one's about halting.

And we're talking about batteries.

Yeah, so obviously with China,

the Chinese market and UVs just killing Porsche

with that side of their business.

Porsche was doing everything in preparation

for a huge Chinese market, which is not going to come.

I don't think it's going to improve anytime soon.

So they're making adjustments as any business would.

And one of their businesses,

they had purchased a cell force,

which they were going to use to produce batteries,

is now pivoting to be a R&D for batteries.

And it's all due to a Chinese market.

They just can't support UVs,

but Porsche still is in the UV game.

They're not throttling back as far as what direction

they're going to be going in.

It's just they're not going to be producing as much

because of the Chinese market.

Speaking of electric vehicles and such,

we have word on the Cayenne.

So nothing new to Cayenne has everyone knows

it's going to be going electric,

but they still will be making a gas version

and a hybrid version.

So you're going to have to read essentially three

different choices to make.

The electric version has remembered to be

a thousand horsepower for the turbo model.

And yes, I know the UV has no physical turbo inside

of it, but turbo is the top of the line.

They think the base is going to be 500 horsepower,

and then the S will be somewhere in between,

probably 700, 750.

So it'll be a formidable SUV.

I can tell you have heard from some insiders,

enthusiasts that did get to spend time

with the electric Cayenne,

regardless if you're in favor of the EV movement

or not, as far as performance,

they were incredibly impressed.

What's that part called you replaced on your Cayenne,

on the drive shaft?

Oh, the the carton shaft.

Yeah, you don't have a drive shaft on a UV.

You don't. And you also don't have coolant pipes.

And no transfer cases.

It's it's two electric motors on each end

that are wonderful for off-road.

And the power and the torque.

I'm sure you've enjoyed the the GTS.

I mean, well, you've had plenty of Porsche EVs as well.

And you had the Taycan.

Sorry, I had the Taycan when it first came out

in Mamba Green.

Yeah, it built so much better than your use case works,

because you were not really traveling that far

every day and you can plug in at home.

Yeah, that's that's right.

And they're built amazing compared to.

And they feel like a Porsche.

So that's how it feels like a Porsche.

Exactly.

You can use mine whenever you want.

Thanks, man.

I was I was looking at Manny.

We can make a permanent part of this show.

What are you trying to get a seat on the

at this table or something?

It's a small table.

Perhaps as everyone says,

perhaps as the newest sponsor,

you can get us a bigger table.

Interesting.

PC events, as we've mentioned before,

the September 13th, our open house,

our 70th anniversary celebration is sold out.

I'll be there.

You'll be there.

We look forward to seeing everyone.

Oonstock is November 16th.

That Porsche Santa Clarita registration

will be opening September 3rd.

Harley Magden: Turning A Car Collecting Hobby Into A Business

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