CORVETTE HOBBY 

        SIX YEARS IN THE CAR BUSINESS ........... OPEN IN 2002 & CLOSED IN 2008

I always wanted to one day have my own car lot. That dream became a reality in 2002 after retiring from coaching. I found the car business to be just as exciting as playing sports or coaching , but much more competitive. In the car business you must bring your "A" game to work everyday or you could lose your shirt. A couple of bad deals , repos, or purchases could set your business back serveral months or even force you to close-up.

The car business is licensed and regulated by North Carolina Dept of Motor Vehicle. Each dealer is assigned to a State Inspector and if any violation of paperwork , procedures or imporites ; the dealer will be seriously fined , closed down or imprisoned.

HOW DID IT ALL GET STARTED?

One morning on the way to work I saw this vacant car lot for rent on Raeford Rd. in Fayetteville , NC. I had know Idea of how to run a car business , in fact I was absolutely blind as far as the works of a business of this nature. I took a Leap of Faith and rented the car lot without any knowledge of what it would take to get a dealers license. Within the following two weeks between teaching and coaching , I pursuited my dealer licenses.

These were my requirements :

1) A perfect crinimal background record was required.

2) A showroom , that consist of an office , restroom and area to display cars .   

3) My location had to meet all zoning requirements.

4) I had to apply for a City and County business licences and pay all fees.

5)  I had to get the Fire Inspector to approve my lot for safety and pay all fees.   

6) I had to complete a 6 hour required dealership training class .

7) I had to complete another 6 hour course to become a Notary Public and pass the Notary requirement test. Once I passed the test , I had to be signed off by a State Senator or State Representative. Mary McAllister signed off for me and I took my oath at the County Court house.

8) I had to post a $50.000 Surety bond assigned to the State of NC.

9) I had to acguire Garage Insurance at a cost of $5000.00 per year or $400. per month and business liability insurance at $100 per month.

10) After I completed everything above  , the DMV Inspector approved me for processing  and I was sent to Raleigh , NC to pick-up all essential forms , paperwork , dealer tags  , dealer  licenses and pay the remaining of my dealer  fees. The total fees in Raleigh were about $300.00 

FINALLY , I AM A  LICENSED CAR DEALER.

Once I became a dealer , I had to register with the major Auto Auctions inorder to bid on cars. I had to present my license , insurance information and allow a credit check inorder to be  approved for a membership.

To open my dealership , I needed about 10 to 15 cars that look  good and was in good running condition to get  started. The medium priced  cars at the major auctions  cost between $2500. to $3500 per car.

The biggest surprise of my business was that once my dealership was functioning sucessfully , the Major Auctions , finance institutions , brokers and wholesalers started to pursuit my business and soon McNeill Auto Sales was  on the way to becoming a profitable business. 

My best year in business was in 2004 , which I sold 108 cars with gross sales of about $380,000. By no means was that profit , by the time I paid for cars , rent , wages , insurance and other expenses the profit was minimal . But as I reflect back , that was a lot of bread  flowing  through my hands. 

Thinking back , I felt  a lot of pride and achievement in developing a very competitive dealership , especially as a black dealer. In 2002 there were 118 car dealerships in the Fayetteville / Cumberland County Area , only 8 dealers were black.  

After six very enjoyable years in the car business , I closed McNeill Auto Sales in 2008. With the slowing economy , the on coming of the recession and the decrease lending procedures by the financial institutions , I felt it was time to retire from the car business. But , now I can say what most people would love to say, " With the grace of the good lord , I fulfilled my two  passions in life with  NO REGRETS"

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