It was several years ago that I was running a high end car dealership. We sold Porsche cars and became the place to go if you wanted a Porsche. 10 years ago the United States was booming, people were buying Porsche as second and first cars, they were selling right over the phone. In fact I never even met over 80% of the customers. They just had a sense of trust on the phone, sent the money and asked us to arrange shipping, as easy as that.
It became so high volume that the largest auction in the world was no longer enough in Florida, now I had to start flying once a month to the next largest auction in Manheim, PA. We would buy every single Porsche and even add a few other exotics to the mix like Acura NSX, some luxury Lexus cars and even a few Mercedes. However all that said if you went into our warehouse all you would see is wall to wall Porsche cars of every color.
When the boom started
It wasn’t always like that at first, in fact I had to build that company from scratch with little money. I had owned a 1982 Porsche 928 at first for about a year and a half. I decided to sell it and I couldn’t believe how many calls I got. I made a profit on the sale. I bought a newer Porsche 928 and drove it for 2 months and sold it at a bigger profit. I continued this business with only 1 car for a year then moved into 2 cars at a time.
After around 2 years, I sold a guy who worked with an investment bank a car. I told him I was looking for funding and he immediately got involved and we struck an awesome deal and started at $200,000 which continued to rise over the next year or so to the point we had over 30 Porsche cars in stock and things were great, we sold at least 1 car everyday.
The greatest business crash
It wasn’t always roses, in fact it was now that it become near the end, the market crashed and the boom was over. I had Porsche cars in stock that were not selling. I had guys that bought Porsche cars only 2 months earlier for 50 thousand plus trying to sell them back to me for half the price or even less. I would have normally, but my bank that gave us the money to do this also pulled the plug. There was no more money and no more Porsche cars. We had to tell these customers sorry and crazy to know that they would be dumping these cars for pennies on the dollar. It was that fast that I went from multi millions in sales to nothing. Even after that crash it never came back, people loved SUVs and Toyotas instead, those boom days are over.
The introduction into repossession
I didn’t know what to do, I had no plans for anything else, I knew little else besides business. Money was getting low and I had to eat so I began working doing concrete pools, figuring I would go into the concrete business after I learned, but truth is I hated it, I hated that construction companies never paid us on time.
I got a call from someone from the bank that used to finance our Porsche cars. He said there is a guy that is looking to sell his company and that I would probably like it. It was my introduction into repossession. I did not know what repossession was despite working in the car business we did no financing so repossession was new to me. It sounded interesting and I was eager to learn so I went down and had a meeting with this guy. Things went well, I liked it and went to the 40 hour school that is required. I applied for my license and they sponsored me. It was the beginning of a new career that was also very lucrative.