These are the mirrors I got. They greatly improved vision on blind spots.Can you clarify what did you mean with "wide mirrors"? Your side mirrors look standard to me.
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These are the mirrors I got. They greatly improved vision on blind spots.Can you clarify what did you mean with "wide mirrors"? Your side mirrors look standard to me.
Dealers might have some commission like a regular loan officer, I doubt dealers would get a lot of money. Bank needs to compete with their interest rates too so their margin is also small. The way it works is the bank will bundle all the loan and sell it to Fannie Mae and Fredie Mac (back by US treasury) and that based on 5 years rate, I know for sure mortgage do things like this, but I do think it applies for all loan. So, if you look at the current treasuring rate at 3%, the bank lend you 4%, bank probably make 1% or less, not the whole 4%. Even the bank get full 4%, and interest fees 10k, they don't get full 10K since you need to factor in inflationThe dealer will mostly be making money from the bank who will lease the car.
Note: The car will certainly be sold with, at least, a 6 years and 4% loan, or a $900 monthly payment (no included taxes and fees), so the total interest fees will be around $10k, making every body happy...
They have been bleeding money because of their business model, investing and expanding for long term, not buying and selling at a loss. It does not make sense to have a business that buys high and sells low. You show me an article in that Carvana says they are bleeding money because they buy cars more expensive than they sell.You do realize not all dealers turn a profit on the cars. Look at Carvana, they had their first profitable quarter. They have been bleeding money. Being a used car dealership doesn’t mean you’re a professional.
This isn't exactly what you asked for, but will help to shed light on their specific business model:They have been bleeding money because of their business model, investing and expanding for long term, not buying and selling at a loss. It does not make sense to have a business that buys high and sells low. You show me an article in that Carvana says they are bleeding money because they buy cars more expensive than they sell.
Seriously, just Google Carvana losing money or Carvana bleeding money and numerous articles will pop up. Below is one, with an excerpt clearly showing they "buy cars more expensive than they sell".They have been bleeding money because of their business model, investing and expanding for long term, not buying and selling at a loss. It does not make sense to have a business that buys high and sells low. You show me an article in that Carvana says they are bleeding money because they buy cars more expensive than they sell.
Seriously, just Google Carvana losing money or Carvana bleeding money and numerous articles will pop up. Below is one, with an excerpt clearly showing they "buy cars more expensive than they sell".
Motley Fool - Will Carvana Ever Be Profitable?
Excerpt:
Additionally, they point out that Carvana lost $1,500 on every car sold last year, taking overhead costs into account, and even conventional dealers tend to make only a slim profit.
@Kairide , lol, that does not mean they sell cars at a loss. They might make over $5000 a car, but average out, they still lost 1,500/car due to expenses and invest in another business area. Anyway, I don't think you understand, no point to take it furtherSeriously, just Google Carvana losing money or Carvana bleeding money and numerous articles will pop up. Below is one, with an excerpt clearly showing they "buy cars more expensive than they sell".
Motley Fool - Will Carvana Ever Be Profitable?
Excerpt:
Additionally, they point out that Carvana lost $1,500 on every car sold last year, taking overhead costs into account, and even conventional dealers tend to make only a slim profit.
It does, if the cost of selling a car, including the cost of the car + overhead is more than you sell it for, then you are selling cars at a loss.@Kairide , lol, that does not mean they sell cars at a loss. They might make over $5000 a car, but average out, they still lost 1,500/car due to expenses and invest in another business area. Anyway, I don't think you understand, no point to take it further
Yes, hence they had their first profitable quarter due to the crazy used market prices. I was talking pre-pandemic.You're confusing gross margin and net income. Carvana sells cars for more than it pays for them. That's called gross profit. In the six months ended 6/30/2021, they had sales of $5.6B and gross profits of $890M. Their investor deck shows that the average gross margin per car is over $3K. So, they don't sell cars at a loss. However as a business, they're not making money because of overhead. In the same 6 months, they lost $14M. Now, they're burning cash pretty quickly and keep borrowing to finance their growing vehicle inventory.
Ohh boy, the whole argument was about the car that dealers buy is less than when they sell. Now, you put on overhead which is the part we have tried to explain to you, which is the whole point we are trying to make. Dealers make money on cars, but their overhead is high, therefore, they lose money. That does not mean they buy car high price and sell low. So, you agree that dealers buy cars at lower prices than they sell, right? End of argument. The overhead cannot comes into an argument, because of their business model. Some dealers have high overhead, some dealers don't. For this case, Carvana has a high overhead, but it does not mean they are stupid to buy car at a high price, which is your argument in the first place. We kept telling you the reason Cavana lost money was because of their overhead, not because they buy cars at a high price. Anyway, we should end this, it becomes very silly.including the cost of the car + overhead