My Wife and I recently went to CarMax of Orlando to get a cash offer on our 2000 lexus es300 w/70K miles. They had done an appraisal and came back with a vehicle report and offer.
The vehicle got a good report and consistant with age of vehicle. The appraisers final comment was "It runs and shows well."
The cash offer was for $8000.00 not a penny more. The Kelly Blue Books trade value for good condition was $9,7?? 00.
My Wife and I (Insulted) walked out. A few day's later I looked on there web sight to just see if there was a vehicle close to ours for sale on there web site.
I found the exact same vehicle with the exception of the color of interior. Theres had 86K miles and was NOT a platinum series and also did not have XM satellite radio installed.
There no haggle price was $14,735.00 in which I would assume if they had taken ours they would have asked the same price at very least, but most likely more.
Shocked in my findings I had called them to see if they would reconsider there offer to me. The salesman became very defensive from my questioning the very large profit margin.
And I expressed that for the service they offer they are going to attract people who may be in desperate finacial situations and there business dealings were not on a (somewhat) fair level.
This report is a warning only. If you financed this vehicle with nothing down you would be $5000.00 in negative equity and if you return it to THEM that # would be closer to $7,000.00.
The salesman continued to be rude and stated that if I were to speak ill of there business ethics it would do no harm to them and hung up on me.
He obviously does not understand the power of word of mouth. I DO believe they have the right to practice business anyway they wish and are not in violation of written law.
However I do believe they are in violation of an unwritten ethical law and the only way to inflict a fine on them is to share this story with anyone you know.
Slow business and them being privy for the reason why might change there attitude.
In my opinion they are the modern day (vice versa) of Robinhood.
For the record I used to work for a dealership and they will all try to get as much money as they can, but this dealer takes the cake.
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