Corporate Director and Co-Founder of Plan Insurance Brokers, Scott Georgiades tells tales from his younger days spent moon lighting between selling insurance during the day and dealing cars in the evenings.
My first trade as a Car Dealer back in the day when I was a mere lad.
I purchased a 1977 MGB GT, in Jubilee Blue with a silver stripe down each side – the rubber bumper version – produced to celebrate the Queen’s Jubilee. I paid £1,700 for this beauty.
It was bought from an existing client called Fred, who was a seasoned professional car dealer. He saw me coming.
I soon found out that this particular 77 was neither one of the first nor one of the last ones ever made – and I learnt the hard way that this meant it was a lot less desirable.
I also discovered that it had a number of issues for me to contend with before I could sell it on. Here are just the highlights –
Permanent oil leak from the gearbox
Out of tune
Fair amount of rust bubbles
Filled in with the most filler I recon I’ve ever seen
And it ran like a dog
I had anticipated selling it for £2000, an amount that would give me a decent first time profit, I thought to myself.
Enough to treat myself and girlfriend at the time (now long suffering wife) to a nice holiday.
Hard work was spent polishing, filling with oil, and giving it a good clean up. I placed an ad in Exchange & Mart and waited for the calls to come through.
An example of a Jubilee Blue MGB GT from mg owners club – mine had a silver stripe down either side.
I received one phone call – only one.
The chap was based over in Crystal Palace so I drove it over for him to take a look at. I was in luck, the Jubilee Blue and I got there fine. But then the weather turned.
It started to rain, the windows instantly steamed up and it started to leak a little. And as I got in to show the chap how it ran the Jubilee Blue let me down by refusing to start. He needless to say wasn’t interested in buying it.
In the end I had to put it through Charlton Motor Auctions with the help from another existing client, Charlie.
The final sale price I managed to receive for the car was a mere £1,200 – less commission and a drink for Charlie. I was £1000 down already in my first trade. Disastrous.
It’s not as easy as it looks.
My next tale will feature a lovely red Volkswagen Gold diesel – but does it drag me out of the red? Follow our blog to find out.