The DNA Of A Successful Used Car Stock Acquisition Professional,,,,,,

Following on from last week's article; How To Build Your Used Car Stock Acquisition Business (which can be found in my feed), I thought it worth exploring just why the correct professional(s) will play such a vital role in the success of any used car stock acquisition business and initiatives your business plans to build and deploy.

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Put simply, think of the used car stock acquisition business and the initiatives deployed (of which there will be many) as being a prospecting business. Now as much people don’t like prospecting the successful used car stock acquisitions professional understands just how important the commercial art of industrial level prospecting is; because in successful execution it is designed to give you both volume of opportunity and therefore choice.

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That said, you can have the best used car stock acquisitions business and initiatives possible, but it will be just that; your used car stock acquisition business. It is your prospecting business, one whose sole aim is to generate acquisition opportunities; to be truly successful (in terms of maximising the acquisitions opportunities being generated) it must be aligned with the professional(s) capable of maximising both the opportunities being generated and the profit opportunity.

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From what I can see, having researched extensively the recruitment market (when it comes to increasing used car stock levels and what is going to be involved), is that many understand the commercial need, but in the used car markets these articles are written for (premium and specialist used car markets), no one currently recruiting appears to understand just how the trading landscape has evolved and/or what will now be required. In fact it is like looking at job descriptions and roles from the early 90’s.

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I have no doubt that those involved in what I have seen will fail; they will never know why, but fail they will. You just can’t expect to deploy operational structures and seek professionals with the skills-set of yester-year and expect to buck the market trend; especially when the sector is dealing with vastly reduced used vehicle parks. Others, those more farsighted and knowledgeable than you, will (and are already) be stealing your lunch.

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But back to the theme of this post, the successful used car stock acquisition professional; what do they look like, what skills will they bring to your business and what will be the rewards? Well it is important to remember that at this point we are talking about personality traits and how they are deployed and leveraged by professionals in a professional scenario.

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So it is difficult to be totally generic; I am one of these professionals myself and I also know some others. I know that in many ways I’m different from my professional colleagues and ultimately (and at the margins) I can only reflect on my skills and personality. That said I also know that in order to be successful today, all used car stock acquisition professionals will have the following in common; without these personally traits and capabilities, it would be impossible to deliver what will be required.

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In brevity; firstly they will know how to build the used car stock acquisition business, the prospecting machine that will drive profitable acquisition opportunities to your business on a continual and growing basis.

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Secondly they be will supremely confident in their professional ability to maximise the acquisition opportunities being generated; because they will be in no doubt that they possess the professional and personal attributes required. And this will be important because an ability to control the acquisitions process (on a human level) will be what determines any increased volumes and profit margins that your business is able to enjoy.?

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So, if helpful to those looking for such an individual (and with a business trading in premium and specialist new and used car markets), let me shine further light on the personal and professional attributes that this individual will have in abundance.

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At the very least the successful used car stock acquisition professional in premium and specialist used car markets will be a highly capable social animal, capable of “Moving and Shaking” in the social circles of your customers; with gravitas and a supreme level of confidence.

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They will possess and effortlessly deploy the advanced level of interpersonal skills required to dominate human interaction, building “Win- Wins” with customers and on behalf of the business.

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Charismatic, professionally assertive and confident, they will have the ability to offer prices far below those being offered by other professionals; with gravitas and whilst building trust. They can do this because they have a complete understanding that confidence and charisma are the only currencies in town. That said they know their commercial aims and that perception is reality with the customer; so they will never let their ego get in the way of the objective!

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They will be experts in their understanding of the phycology of the purchase and be able to effortlessly and naturally build and operate within the “Peer to-Peer,” veering into Master-Servant (in their favour and as required) relationships required in order to be successful in their field.

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Rest assured that if you are entering into commercial discussions with a capable and successful used car stock acquisition professional, they will have done their homework on your business and the opportunity that exists for them to be remunerated for their efforts. They will chose to only align themselves with businesses with commercial potential, enjoy a high a level of business acumen and work within acquisitions because of the commercial opportunity; hence do not make the mistake of treating this individual as just a buyer. The role in these markets has evolved way past most people’s comprehension of what the role involves.

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So there we have it; a brief overview of the skills and expertise required to succeed in the used car markets of today, in terms of successful acquisition. The good news is these individuals back themselves and can be a lot cheaper to employ. Most (like me) will have their own business so can invoice you for the services provided, and after negotiating the terms and conditions that suit both parties; they are not an expensive employment overhead with all the tertiary costs involved.

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Now it will cost money and the successful professional will expect to negotiate a commercial arrangement ensuring that they are remunerated at the levels they are worth to any business.

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My advice to business owners; don’t be “Penny Wise and Pound Foolish!” Look at the money they will make your business; do not get obsessed by how much you are paying them in isolation. Successful used car stock acquisitions professionals will always make you more money than you are paying them; ergo what you are paying them is irrelevant in that situation.

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Most franchise businesses in the UK now have a ”Laws of Diminishing Returns” used car business. Used car volumes will be reducing and many will fall into the trap of overpaying for stock, in order to ensure forecourts remain stocked; what I would affectionately term as operating in the “Race To The Bottom” used car market.

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To reverse this terminal trading state of decline and to grow profitability in used car retailing on a continual basis, will take the professional above; who in all likelihood will also have to build the used car stock acquisition business also alluded to. Only then will they (and your business) have the foundations to operate differently and more profitably.

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Now, and in finishing, I appreciate that for 95% of those reading this, the used car stock acquisition business, the initiatives explored and working with a professional possessing the personality and professional skill-set outlined above, will seem bewildering and fanciful. I experience this a lot, especially from those working within the big PLC owned groups; sadly I can’t (so don’t) work with hostages.

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However, for the remaining 5%, without doubt an owner of a business; those who think differently, whom have identified that something needs to change in their used car retailing operation and those curious about how the used car stock acquisition business outlined above can be built and success achieved? Those who are also then ambitious, capable of opening their minds and taking their strategic used car business development thinking on the journey required, I would say this.

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I am planning to work with a maximum of two businesses over the next 12—24 months (it may only be one); building and delivering the used car stock acquisition expertise and initiatives required, for that business to survive and prosper in the used car markets to come.

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Should you wish to explore synergies and the potential to collaborate in this regard, please do not hesitate to contact me via LinkedIn, so we can arrange a mutually convenient time for an exploratory call.

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Andrew.