Successful Auto Dealership In Nigeria

In the last decade and a half the number of auto dealerships in Nigeria have increased astronomically. This in turn has made competition in the sector very keen. Aside dealerships, many individuals have taken up the business due to minimal or non-existent entry requirements. Consequently, cars are now displayed on both high streets and street corners, at dealerships and by front entrances, online and offline, social media etc. Everywhere you turn there are 'buy me' stickers clinging on a drive by car ever so often.

The trade is non exclusive, anybody can operate in it. Those in full time paid employment are not left out, they desire a little extra income on the side and very often find the auto business a no-brainer to enroll. This sort of 'encroachment' gives steep competition to more established full time dealers such that they sometime consider the business not worthwhile or non profitable any longer.

The essence of these few lines is to let both established and budding auto dealers know that indeed the auto business is still quite lucrative and worthwhile because more people are buying cars everyday. We have compiled some points, in no particular order, on HOW TO SUCCEED IN AUTO BUSINESS IN NIGERIA and listed them below. To make for easy read, each point is made brief and concise:

1. Do Volume: Rather than aim at making one million naira profit margin on sale of one car in like six months or more, it is wiser to make N200,000 profit margin per car and sell 5 cars in 3 months or less. This way funds can be grown and turned around faster.

2. The Masses pay: Similar to the point above, it is more viable to deal in cars for the mass market rather than high end luxury cars. In such an economy like ours, the cost of high end cars are indeed too high at the end of the day. Everybody loves luxury, only few can pay for it, perhaps less than 10% of buyers.

3. Salvage and Damaged: A salvage titled vehicle is so termed primarily because the cost of repairs and spares are high especially in the US. That a car is salvaged in US does not mean same in Nigeria because labour is much cheaper here and spare parts too surprisingly, I'm sure you'd think all spares and auto jobs done in Nigeria are substandard - Sorry they are not.

4. Be Upfront: Many buyers are aware that most vehicles in car dealerships around town these days are previously damaged and salvaged. It is now commonplace for buyers to ask for VINs before parting with their hard earned money. So, why hide it? Make it clear from the onset, if he doesn't buy someone else will, you'd save yourself a lot of potential trouble.

5. Let it Go! Avoid being greedy, sell below market price because you must have bought cheap using a salvage auction. 30 - 40% return on investment in 3 months is awesome anywhere in the world! However, you need to be careful dealing in salvage vehicles, to get very good deals:

A. Never buy in a rush, take your time.

B. If you cannot inspect physically, look at the pictures very closely and expertly.

C. Avoid airbag deployed, engine damaged, badly damaged chassis cars or replace airbags during repairs

D. Get very good people to work on the car for best quality repairs

E. Never repair in US, it's too expensive plus you defeat all economic purpose.

F. Stay away from flood damaged cars, if you must do flood do old model small cars

G. Get the right clearing agents whose rates are competitive and whose documents are genuine.

H. Get the right trucker and shipper preferably with storage facilities. Poor logistics can affect your efficiency and delivery negatively.

I. Once you win from the auction, pay and pick up immediately to avoid penalties

J. If you miss a deal do not feel too bad, many better ones will come.

K. You may/would get your fingers burnt a few times especially if you are a fresher, do not despair just take it as a learning process and price you pay for knowledge.

L. Get some form of dealership license if you can, it is not so difficult and you have wider options and flexibility.

We hope these few thoughts can help you launch out or improve your auto business venture in any way possible. Thank you.


Article from M.D's desk


info@autogeria.com, 0814 999 0 999, 0818 70 30 888

Autogeria, God bless you for this information, may God expand and promote your business. Thanks

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The license gives you bidding rights for vehicles you find on Copart. To register, a registration fee of $150 and minimum security deposit of $440 is required to activate your account.

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With an annual registration fee of $150 you can now have bidding right license from Copart's market maker in Africa, AutoGeria to bid for vehicles on the world's most sort after online auto auctions, Copart.com.

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