Word: fording
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...first and most powerful argument against a major car company refurbishing its own used products is that it will keep people from buying new cars. In some cases that is true. But, the fact that Ford's sales monthly are down as much as 40% undercuts the logic. As people keep cars longer, the argument will be less compelling. Most new vehicle buyers now probably fall into two groups. The first are people whose vehicles are so old or badly damaged that they need a new car. The other group is people who want a new car, can afford...
...company like Ford has the opportunity to get into a very profitable business which would bring in billions of dollars in sales a year with only a very modest investment. A car owner who has a vehicle that was made in 2005 with 80,000 miles on it can probably be made nearly new. It can certainly by rebuilt so that it is at the level that a "certified pre-owned" car is. Most of the auto dealers take low mileage trade-ins and, after a few modest repairs, sell them as nearly new. They even carry a warranty...
...Ford does go into the business of rebuilding millions of its own cars for customers, the group that will suffer is independent mechanics...
...Ford and its peers have a chance to revitalize most of the dealerships, their suppliers and their own companies while making a lot of money in the process. The cost of refurbishing a car can be financed, just like a used car can be. A person who pays $4,000 to upgrade a car he already owns is probably a better risk than someone who buys a used car with 20,000 miles on it for $20,000. The car company has a chance to make money on each and every customer who comes in to have his car improved...
Next Questions Ask Ford CEO Alan Mulally your questions for an upcoming interview, at time.com/10questions...