So, you want to sell a Corvette or classic car?
The classic car market usually works similarly to commodity markets such as gold, diamonds, watches, pork, wheat...you get the picture. If the price goes up each day, the dealers change their prices that day, or at the end of the week. It's rough on Corvette and classic car enthusiasts as they hunt for their next dream car. And it makes us all crazy-angry when we can't get a straight answer on the price of a car.
A small number of reputable dealers out there set a fair-market listing price. No auction practices or horse trading these cars. The dealers don’t list seemingly overpriced cars. The result of overpriced cars is that they sit in the showroom for a long time. Often for nine months to a year. Are you surprised? For some dealers, they need it that way. This isn't sales hype. Read on.
Not many dealers want to tell you they need to own most of their inventory to hold "assets" on their showroom floor. That’s how they get more money from their banks. It’s called a “floor plan.” Beware the floor plan and don’t expect the larger dealers to share it with you.
There's a handful of smaller shops that don't need that. They list a competitive price for their cars because they have repeat customers who buy, sell, and consign, or new customers who are frustrated by the super-big dealers. Consignment has become popular, which works best for the seller, not nessesarily the dealer. The advantage to a person consigning a classic car to a smaller shop is not to compete with low ball offers from most dealers, and of course, sellers make more money by consigning. The dealership is more flexible without the floor plan scenario with their banks.
Well, that makes sense.
This week we are featuring the famously named "Corvette Mike Midwest" shop in the suburbs of Chicago. We like these guys, so hence the story. They want cars. Nationwide too as they send out transports to pick them up. But know, smaller dealerships like Corvette Mike Midwest don't like making low ball offers to enthusiasts. Since they are ehtusiasts too, they seem to share more real-life examples of how consignments make more money for their customers. And, they sell them faster which is how they make money too.
Also, check out their Sales Manager who is a former NCRS judge. That makes for good conversations. Bob Sindelar is one of those folks you should know. You can even spot his name on the sidewalk of the National Corvette Museum in Bowling Green, Kentucky.
Corvette Mike Midwest has a showroom that looks like a giant white warehouse gallery. Roughly 25 or so curated Corvettes, classic cars, muscle cars, collector, and hot rods. Also on site, a service department that holds 25 cars in quick rotation for restorations, interior, mechanical work, and maintenance.
Check out their inventory and photos at CorvetteMikeMidwest.com
They can be reached at 630-230-0441
(republished from Classic Car Enthusiasts News, Jason Henry-Gordon June 2021)
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