We recently sat down with Ricky Thomas, the owner of Wildcat Used Cars in Kentucky. Ricky shared his incredible journey from being an industry newcomer in 1994 to building a family-run operation that has now become one of the most successful independent dealerships in the state of Kentucky. He opened up about how working with a dedicated floorplan provider like AFC unlocked massive sales growth, saved him time and provided the used car dealer inventory financing he needed to scale his business.
Can you tell us a little bit about yourself and how Wildcat Used Cars came to be?
Ricky Thomas: My journey in the car industry started in 1994. I was young, lacked a traditional network and even got rejected from my first interview at a car dealership. I knew I wanted to be in this business, so I cut off all my long hair to show how serious I was. I walked right back into the dealership and got hired. I spent the next couple of decades learning the franchise world inside and out.
In 2016, I decided to take a leap of faith and started WildCat Used Cars as a small side hustle. I began buying cars on my days off and selling them in the evenings. When the pandemic hit in 2020, I went all in and started handling everything on my own. Today, we’ve grown from a small phone-based operation into a dealership with more than 40 employees.
What is your favorite part about working with AFC?
Ricky Thomas: I love everything about AFC, but first and foremost, AFC allows me to buy the exact inventory that works best for my customer base. With my previous floorplan provider, I could only buy vehicles that were five years or newer and under 100,000 miles, which did not fit my customers.
Another massive benefit I see when working with AFC is the amount of time I save. With my old floorplan, I had to sit in the auction parking lot and write individual checks for every car. I would sometimes have to sit there for over an hour after the auction ended. With AFC, I simply buy the car, go to the counter, get my paperwork and go home.
Why did you choose AFC over other financing options?
Ricky Thomas: I was strongly drawn to AFC because of the relationships. I’m a relationship-driven person, and from my very first meeting with AFC, I got a great vibe and feeling from the local staff at AFC Lexington. Having local people you can talk to, instead of being stuck on the phone, is priceless.
What are some of the biggest benefits of automotive floorplanning that you’ve discovered since partnering with AFC?
Ricky Thomas: The scale of our growth has been surprising. If you had told me when I signed up with AFC at the end of 2022 that I would experience this type of growth by now, I would not have believed you.
In 2022, we sold 865 cars. In 2023, that number grew to 1,297. In 2024, we reached 1,369 cars. And this past year, we retailed 1,711 cars. Because AFC helps us match our inventory to our customer base, we’ve had our best consecutive four months since opening. Our growth is heavily tied to having the right inventory.
How does AFC’s hybrid service model benefit your business?
Ricky Thomas: Having access to both local people and digital tools is great. The mobile app is awesome to have when you’re out of town or on the road in your truck and need to manage something quickly. Having the flexibility to choose how I do business, depending on where I am, is a major benefit.
What is your advice for an independent dealer who hasn’t used floorplanning before?
Ricky Thomas: If you are happy selling 5 to 10 cars a month, a floorplan might not be for you. But if you are looking to increase volume and grow sales, tying up all your personal capital is a terrible idea. You need cash to function and run your business. AFC gives you the flexibility and buying power to avoid being handcuffed when a great deal comes along.
What is your advice to other independent dealers?
Ricky Thomas: Take care of your customers. If you sell a car and it develops an issue, don’t view it as a negative or become confrontational when the customer comes back. Instead, thank them for bringing the problem to your attention and giving you the opportunity to make it right.
At AFC, we’re proud to support dedicated, growth-minded independent dealers like Ricky, who are building thriving legacy businesses in their communities. To learn more about Wildcat Used Cars, click here.
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* Disclaimer: Dealers should consult their own advisors to make independent business decisions regarding floorplan financing. The opinions expressed in this article are those of the individual interviewee and are not the opinions of AFC. AFC does not verify the accuracy of the information provided by the interviewee in this article and is not responsible for any errors or omissions. “AFC” refers to Automotive Finance Corporation, Automotive Finance Canada Inc., and AFC Cal, LLC in their respective jurisdictions.
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