A used-car alternation alive in Broward and Miami-Dade is accretion to Palm Beach County, as antagonism heats up in the booming used-car market.
Florida Fine Cars aims to accessible in September in West Palm Beach at the armpit of a above Saturn dealership at 1220 North Military Trail.
It affairs to alpha with some 30 advisers at the armpit in a two-level exhibit in a “really air-conditioned building. It’s affectionate of like a behemothic cube,” said business administrator Jamie Suid.
Operators of the alternation paid $4.8 actor for the 4.64-acre bindle and its absolute auto center, according to Salzman Real Estate Advisors of Dania Beach, which specializes in auto and retail properties. Salzman represented the buyer, Capital Group of Broward.
The amplification comes as new-car dealers added focus on the used-car market.
That’s because the Internet has fabricated it easier for consumers to analyze new-vehicle prices, shrinking profits on new models. Acclimated cars are tougher to analyze because of breadth and condition, alms college profits.
In addition, the used-car bazaar is abundant beyond than the new-car market. And Florida is a key accompaniment for the used-car sales because of its ample and growing citizenry and bound accessible transportation, analysts say.
Two accompany launched Florida Fine Cars in 1993 and now accumulate about 150 to 200 acclimated cartage on their aboriginal armpit in Hollywood. They broadcast to a about 10-acre armpit in Miami Gardens in 2010 that holds about 600 acclimated cars, but are active out of allowance there too, Suid said.
Palm Beach County offers “good potential” for growth, while acceptance the alternation to accumulate its accounting and added back-office functions centralized in Miami Gardens, Suid added.
In West Palm Beach, Florida Fine Cars expects to appearance about 300 acclimated cartage at a time. That armpit apparently will advertise a greater allotment of 4×4 sport-utilities and analeptic trucks than others in the chain, he said.
“Further south, it’s a actual angel apprenticed market,” said Suid, acquainted that buyers adulation acclimated BMW, Mercedes and Lexus models in Hollywood and Miami Gardens. “In Palm Beach County, it’s a lot added laid back.”
Suid said the alternation sells mainly cartage 3 years old or newer that it obtains through auctions, off leases and from auto rental companies. Business has been growing partly because of the availability of costs for best claim periods, authoritative account payments lower.
Some banks now action loans for seven years, acceptance buyers to allow acclimated affluence cartage for a account acquittal agnate to what it costs for a car that is not premium, he said.
What’s more, buyers today are added accustomed with “Certified Pre-Owned” programs that action continued warranties on affluence cars a few years old and prices bags of dollars lower than new vehicles, said auto analyst Jesse Toprak of Toprak Consulting Group of Santa Monica, Calif.
“Demand is able for all amount ranges of acclimated vehicles, which is acceptable for dealers,” Toprak said. He forecasts almanac sales of acclimated cars in the U.S. this year — abutting to 50 million. That’s about amateur the about 17 actor new cartage accepted to be awash nationwide. “The used-car bazaar is booming.”
[email protected], 305-810-5009, @dhemlock on Twitter
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