Businesses such as My Car Auction and others are trying to make selling your car a much easier and safer experience. It used to be an ad you put up and met someone on the streets and made a deal. Going to dealerships can be time consuming and overwhelming. These guys at mycarauction.com have revolutionized the way you sell your car. Without ever leaving your home, you can now sell your car fast and easy. We asked them a few questions about how this formula came about and how they found success from it.
“We have been in the wholesale car business for over 30 years”, Says Ryan Ghallager. He went on to tell us, “We saw an opportunity to help individual car owners sell their car from home for more than they would get from going to the dealer with a 100% concierge service.” The platform is really easy to use. Once you visit the App and input a little bit of information about your car you will get two prices. “The first price is for us to buy it from you within 24 hours. The second price is for us to list your car on our platform and push to get you even more money by exposing it to over 50,000 buyers. If you choose the second option, you continue to use your car while we are selling it and when it sells, we call you to schedule a time to pick it up and pay for it.”
The process is really convenient, and they are able to provide a higher price to the consumer because MyCarAuction does not have big expensive brick and mortar locations that are needed to support a lot of salespeople. Instead they pass those savings on to the clients.
Additionally, they are 100% risk and obligation free. You can try the platform for free and there is nothing owed to you until MCA gets you a net price that you decide to sell at.
MCA is growing each week. They started out in September and are now selling approximately $2.8 to $3.5 Million worth of cars per week. A lot of clients come from referrals plus some advertising. They also have a solution for corporate clients including car dealers, fleet managers and rental car companies. The corporate solution enables dealers the ability to have better inventory management and to make more deals with customers. Since the car is sold online the corporate clients can keep the car productive until it is sold. Ryan tells us that “In the case of new car dealerships, we provide them with a certainty of execution that they can rely on.” New Car dealers can keep the trade-in vehicle on their lot for a few days to see if it sells while simultaneously having a date it will be sold on their platform. This allows them to maximize the value of their trade-ins and keep their inventory moving. By having multiple revenue streams, MCA is able to diversify and there is also synergy between the business lines.
My Car Action finds that using Facebook, Instagram and some TikTok for social media has resulted in some attention. Recently you can find them featured on TV and even hear them on the radio.
The focus is always on the experience each customer has with them. Since they are 100% a concierge service, they have the opportunity to really make it an enjoyable experience, not to mention a COVID safe environment. That’s what they strive for and that’s why they get referrals and repeat customers.
A tip they have for our readers is to have a plan and a vision and know why you are doing what you are doing. Also, really work the numbers to make sure you have enough of a runway to be successful. Entrepreneurship is a roller coaster ride. Some days are great and some days are nothing but challenges to work through. If you keep your vision and perspective, you can persevere through the tough times. Then it all is one big adventure!