Part 2: The 1 Ronin Magic Trick to Rule Them All
[If you didn't respond to Part 1, this won't be nearly as helpful.] Like getting deals the Ronin Way... Getting car dealers to consign their back row cars to me to clean up, drive to the auction and sell was NO PROBLEM! I had my PICK! I had as much inventory as I wanted...with no money upfront. Where it all went to hell in a handbasket was the first few deals I made. I got an old Ford Tempo, we agreed the dealer would get $2,000 and if it sold above $2,000 I'd get to keep the rest. So, I cleaned her up real nice, drove her an hour down to Fort Smith... And ya know what happened? The highest bid was $1,000. I had to return the Tempo to the dealer. After 2 hours of detailing and 2 hours roundtrip of driving. BUT...what saved me from feeling like a deal dunce was... I learned something very valuable. Pickup trucks and Crown Vics were selling like hotcakes. The Crown Vics were selling for $1200 to $1500. So after I returned the Tempo I went and scouted some other dealerships. I found a white Crown Vic in the back row. It was structurally sound on the outside, but was heavily oxidated and a pig stye on the inside. I knew the dealer because we'd already detailed some cars for him. I asked him if the Crown Vic ran? It did. I asked him what he wanted for it. He said he'd take $500 cash. (Ding. Ding.) Then I ran my RFP (Risk-Free Proposal) by him. "If I detailed it out, drove it to the auction and it sold for more than $500, would he be against me keeping the rest? Worst-case scenario you get a clean Crown Vic back. Best case he gets $500." He said, "Let me get ya the keys." Cleaned that pig up. Drove it down to Fort Smith. Sold right away at the auction for $1500. I came out with $1,000 gross for detailing a car and the drive. $1,000 was a lot for me in those days. Now, here's where it gets really interesting. This was a life-changing lesson for me.