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04-16-2014, 11:06 AM | #1 | |
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CNBC's "The Profit" takes on Athans Motors in Morton Grove, IL
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On a related note, I watched an episode of The Profit on CNBC the other night where they transformed a failing dealership in the Chicago area. The episode featured a high end used car store, Athan Motors, and reported the store's been losing $100K/month for a couple of years. The dealership owner agreed to give up 50% of his equity and 100% of his control for a $3 Million capital infusion. The store was rebranded to AutoMatch USA and features more affordable cars. Like Car Lot Rescue, there were several scenes in The Profit that seemed fake or unbelievable but overall it was MUCH better than any episode of Car Lot Rescue I ever watched. |
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04-16-2014, 12:20 PM | #2 |
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Darn... I'll have to hope that it re-airs overnight or something or that it becomes available to watch online.
I didn't know anything of the show called The Profit until they were the title sponsor for the NASCAR race at Phoenix this year! |
04-17-2014, 12:21 PM | #3 | |
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Update: I added a new thread and I'll copy the posts related to CNBC's "The Profit" to the new thread. Last edited by XDCX; 04-17-2014 at 03:21 PM. Reason: Updated thread and moved posts |
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04-17-2014, 01:54 PM | #4 |
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I noticed that "The Profit" is available in the ON DEMAND section of our cable providers choices. Plan on trying to watch tonight.
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04-17-2014, 03:13 PM | #5 |
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CNBC's "The Profit" takes on Athans Motors in Morton Grove, IL
In an episode that's somewhat similar to SPIKE TV's "Car Lot Rescue," CNBC's "The Profit" takes on Athans Motors in Morton Grove, IL.
For those who are familiar with the Chicago area car market, have you ever heard of this store? Is it possible a store like this could be losing $100K to $150K per month? For those who have watched the episode, does it appear the business had any value at all? The show's investor injects $3.5 Million for 50% of the business which sounds like a lot but then indicates his investment is secured by the used vehicle inventory which will eventually be $3.5 Million or more. To me it appeared that the investor got 50% of the business essentially for free, but then again, the business may have had close to zero equity. Overall the show was more enjoyable to watch than "Car Lot Rescue" and it appears the plot is less contrived although the review of how a dealership operates was mostly superficial. (The novice viewer would watch the program and believe that most dealers have the vast majority of their capital tied up in inventory - it's as though they've never heard of flooring...) |
04-17-2014, 04:51 PM | #6 |
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Never heard of it or the show
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04-18-2014, 06:26 AM | #7 |
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That's a pretty snazzy facility... I'm sure someone got in over their head there. From the odd slant on the near wall in the picture it looks like a former Saab store? But the arch kind of screams Buick Pontiac GMC.
From a search on Google I can't really find what it was in its previous incarnation as a new car store. I peruse eBayMotors listings quite a bit, and something that strikes me is just how many used car operations in the Chicagoland area focus on high end used cars... you think the bigger market would be for late model domestics and Asian cars... but maybe ego gets in the way sometimes? Or of course there's the fact that it's easier to steal a higher than average mile German car. |
04-18-2014, 08:52 PM | #8 | ||
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Based on a quick Google Search using the street address and the time period of 2006-2009 the Auto Dealer Directory turned up the following: Saab Exchange-Morton Grove The 9040 Waukegan Rd Morton Grove, IL 60053 (847) 967-9040 ID:72455 Quote:
That said, somewhere in the past week I read a comment that's really been sticking in the back of my mind - "Sell to the classes, live with the masses. Sell to the masses, live with the classes." That quote fits perfectly with your commentary - it seems if you really want to make big money you have to be selling to the masses. While I'm sure there are exceptions, the concept sure worked great for car dealers like Cal Worthington who went out of their way to cater to the everyday working man. |
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