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Corvette Only In Door Storage and Sales


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Discussion Starter #1
I am located in Minnesota and I am looking to start up a Corvette only shop with a couple of idea's and would like some feed back from others about these Idea's and see if anyone finds them appealing. We have a fairly large open building (an old K-mart) that went out of business, it’s been sitting vacant for almost 9 years. My thinking is this, I need a place to store my cars during the winter and a three car garage doesn't do it anymore. If I could rent/lease this space at a reasonable rate it could house up to around 250 cars under one roof that would be heated (some what) or could be divided into a space for storage and also for the sale of personal vette's from other owners who are either looking to store their cars during the winter or also put them in an area separated from the storage cars as a indoor corvette only show room. These corvettes can be cars I have purchased for resale and/or private owners who would like their cars shown on consignment. All Cars would be inside parked far enough away from other corvettes and personally shown inside to perspective buyers. Storage could range from $30/month for non heated to $50/month for heated or something around this cost. Since the storage area and the "corvettes for sale" area would be separated the public would not be able to get to the storage area. Secondly I would personally be at this building during working hours and showing corvettes for sale and also looking to purchase corvettes from other people looking to sell their cars. This would be a corvette only facility. Along with this I would install 2 lifts and 2 wash bays inside the storage area for owners to work on their cars, but would rent out the lifts for a flat hourly rate just to cover the cost and up keep to the lifts. During the summer days the parking lot outside could hold other cars which I could set up a monthly auction with reserves on some cars and others with no reserve. For the owners of the cars I would have on the grounds I would charge either a flat fee or a percentage for selling and showing their cars. Any ways, this is an idea in the works and would like any comments or suggestions’ that could help this happen for me. Please don't be shy leave me a comment. Also I would have an area setup for parts and clothing etc, and also a parts finding service provided for free. Please let me know what you think. Good Idea? Poor Idea? Needs Improvement?

Thanks,


G-Man
 

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What is the potential for business? How many Vettes are there within 10 miles? within 25 miles? How many have heated garages and how many don't? What are the annual number of Vettes sold within 25 miles? 50 miles? 100 miles? Just a few questions I'd want to know the answers to
 

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Discussion Starter #3
I am located about 20 miles south of minneapolis, there is a huge following of vette clubs and thousands of cars located with in 50 miles. The only other one is a small shop that use to be in downtown st paul. Not a lot of heated storage during the winter here for a small charge, usually $100+ a month in some area's.
 

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DC PIT CREW BOSS
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Sounds like it would be worth pursuing
 

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Probably wouldn't work here because we don't have that many Vettes for sale or needing storage, but might be a good idea in a larger metro area.
 

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might be a good idea in a larger metro area.
especially ome that has winter 8 months out of the year!

I think its a good idea, you may consider doing some specials, like getting a few vendors to come for and indoor (heated) car show / swap meet a couple times during winter. Also invite the local Vette clubs to hold there meetings there and be able to park inside! Offer premium storrage services, like battery tenders, checking for leaks each week, maintaining tire pressures, provide "Corvette" car covers, set up web cams so owner can check on his baby 24/7.

that's all the advice you get for free off the top of my head, any more'll cost ya :laughing:
 

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Don't forget a large amount of insurance. I'm sure most owners would feel better knowing they would be covered if something unfortunate happened to the building.

Many years ago my brother-in-law had a car he had restored in a barn. Long story short barn burnt to the ground, no insurance, total loss.
 

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Interesting concept, however, some of us drive our cars throughout the Winter..... I get mine out whenever the roads are clear and dry. Last time I checked it had a hell of a heater and great heated seats. To each his/her own, but when I owned a cadilac I drove it in the winter time as well. When the weather is really crappy in Illinois I drive my "crappy weather" car, my Jeep.

:thumbsup:
 

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Don't forget a large amount of insurance. I'm sure most owners would feel better knowing they would be covered if something unfortunate happened to the building.

Many years ago my brother-in-law had a car he had restored in a barn. Long story short barn burnt to the ground, no insurance, total loss.
If any one would leave their car in storage without insurance they are foolish. Only if the building owner was negligent would he be liable. If the building burnt down, the vehicle comprehensive coverage would pay not the building insurance
 

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If any one would leave their car in storage without insurance they are foolish. Only if the building owner was negligent would he be liable. If the building burnt down, the vehicle comprehensive coverage would pay not the building insurance
Keep in mind this was over 30 years ago, and he was pretty young.

I agree the vehicle itself should be insured. I would think anyone in the automotive industry would still have insurance to cover such a loss. Dealerships have many cars on the lot, but have insurance to cover damages.
 

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Discussion Starter #11
Building Insurance is a must, I would carry insurance as well for any unforeseen accident fire, roof problems or anything like that. I would also ask that everyone who would store there car there have a copy of comp insurance for the time the corvette is stored on site for my records. I know even if my own vettes are in my garage during the winter I keep comp on them just in case. I think anyone who didn't have their vette insured at anytime isn't thinking right. I really appreciate all the comments, please keep them coming. Here in Minnesota most people don't drive their vettes during the winter months, but I have seen some that have. Usually mine are out from about May to October but it depends on when the first snow and cold weather arrives, but that’s usually in October. A lot of club members store there vettes off site from their homes. Any more comments?
 

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Discussion Starter #12
Still Looking for more opinions
:thumbsup:
 

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I think it's a good idea.:thumbsup:
I have a friend/mechanic who was planning the same for his garage,he tried to grow into a Corvette only specialty shop but the market up here wasn't big enough.High rent and expensive unreliable mechanics forced him to cut back to a smaller garage.He had a corvette parts vendor as a neighbour(who is still there) that helped alot because his clients were often looking for a garage to install the parts they were buying.
I still believe he could have done better but I guess if you can own the building you can cut costs drastically.If you can get a good Corvette mechanic with passion it would help.Good luck,I hope it works out...:cheers:
 

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Discussion Starter #14
Thanks, I have a few months to get everything together, I am trying to shoot for this next fall and I have someone who is a GM Vette mechanic. I am trying to offer services during the winter months as most owners up here don't drive there vettes during those months. I would like to get about 100 people to sample the poll to give me a good indication of what people think. Please keep posting any idea's and thoughts.

G-Man
 

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i like the idea but here in Long Island many people really have big houses and big properties and i have noticed mostly they keep their vettes in there garage so IMO I would keep vette on my property if i had one that is::laughing:
 

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Discussion Starter #16
Thanks, keep them coming !!
 

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Hey there G-Man. I live in SE Wisconsin. I would love to have such a facility in Milwaukee or nearby. But does that mean it is a good business idea? Not necessarily.

As with any potential business, put together a comprehensive business plan. How much will it cost to improve the property to function as you envision. What capital equipment are you going to need? What are the working capital requirements? How do you market the business? Be sure to get a good business lawyer and good accountant and banker and insurance guy.

Conceptionally I love it, but again as with any business, you have a lot of work to do. I sure hope it pans out...and when you make your fortune, open up a branch in Milwaukee!!! Dale
 

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Discussion Starter #18
Thanks for all the idea's, right now I have the insurance guy, the attorney, the building owner and the business plan with the capitol figured out but wanted to hear other idea's and thoughts from the other owners, just because it might be something I like doesn't mean it would be something someone else would like. So if there are certain features that would make more sense please let me know. As always keep the idea's coming !!

G-Man
 
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