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Secret Academy Episode - Scott Zankl

Scott Zankl used his passion for finance and teaching people everything there is to know about the process and started an automotive leasing and financing business with his wife in 2000. Excell Auto Leasing and Finance was started out of his desire to give people who had difficulties acquiring auto loans the opportunity to purchase a car they could easily afford, but just had a few minor setbacks to their credit scores. They started by contacting all of the car dealerships in their area asking if they had customers who didn't get approved for loans, and if they would consider using them. After much persistence, they finally gained traction and were able to build a relationship with many dealerships and banks offering loans. A few years later, Scott transitioned his business towards buying and selling cars, and their business became Excell Auto Group offering luxury and exotic cars on top of competitive loan offers.

Lesson's in Today's Interview:
  • The process from opening up their business to getting their first client
  • Getting a license to buy/sell cars
  • What was the first car they purchased and why
  • Finding niche cars to decrease competition
  • Building trust by selling to well known people in the community
  • Their average flip time for cars is 45 days
  • Why he chose Mercedes and Porsche as the two manufacturers to focus on in the beginning
  • Their business model of lower margins and higher volumes
  • The key to making money in his business
  • Something he learned about certified cars that completely changed his outlook of the car dealership business
  • He has a goal of selling one car per day
  • Instead of a certain amount of inventory, he likes to have a certain amount of cash in his bank account at all times
  • Why bigger is not always better
  • Tips for someone trying to start their own dealership today
Full Episode, Downloadable Podcast, and Other Episode Resources Available for Members Only:
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