the "Ask a Grey" thread

[DatejustRyan]

Originally Posted by bodybump

Searching for a specific watch for a client is not easy...we try our very best to give you the best price there is or match it...If its a guaranteed sale it shouldnt be a problem...sometimes there are clients that are really not ready to pull the trigger but will let you work your ass and demand the lowest price possible and in the end even if you have met his price..you just realized he not yet ready..

Really? I've never experienced anything like that!

[bodybump]

Originally Posted by DatejustRyan

Really? I've never experienced anything like that!

Ryan be very prepared

[mboverst]

For starters, thanks to Greg for making this thread. The previous pages have made for some great reading, and I'm not sure how I missed it until now

I figured I'd help out and chime in when I can

Originally Posted by Lmbeauleap

Thanks for your time on this. Lots of my questions answered already. Hope I didn't miss this one but...will you search for a specific watch for someone? Is this desirable for you as the sale is guaranteed or kind of a pain because you have to seek out specific models limiting your barganing power with your sources?

I would say that for most all of us, sourcing of watches for new and existing clients is a large chunk of our business. I personally have almost 25% of my cash flow tied up with sourcing at any given time. I'm very upfront with people about sourcing watches: If I don't have it in stock and you want it by tomorrow, then I'm at the mercy of hitting another dealer's bid. The spread will be thin, but it's a guaranteed sale. I always tell my customers that if they are willing to wait (usually just a few days for common watches), odds are I'll have someone offer me the watch in a sale, get offered it in on trade, or am able to source it from an existing relationship at a better level.

Regarding what Oscar said...that's one of the biggest headaches in the business! At least once a month I'll 'pre-screen' a new customer as being legitimate and serious in his need for a watch. He'll want it tomorrow....I'll source it at a level that's higher than where I'd prefer to own the piece...he'll disappear into the night. For reference, the majority of those guys are local walk-ins.

Little known fact of the day:

Most of the prices listed on the forums are what is considered in the business as 'wholesale levels'. A large bulk of the familiar names you deal with across the major watch forums are selling the same watches, at the same prices, to other dealers! I've invited some good clients to attend trade shows with me and they have been blown away by the majority of the prices offered on pieces...lots are sold at levels higher than you are used to seeing!

[Mosco]

Originally Posted by mboverst

I would say that for most all of us, sourcing of watches for new and existing clients is a large chunk of our business. I personally have almost 25% of my cash flow tied up with sourcing at any given time. I'm very upfront with people about sourcing watches: If I don't have it in stock and you want it by tomorrow, then I'm at the mercy of hitting another dealer's bid. The spread will be thin, but it's a guaranteed sale. I always tell my customers that if they are willing to wait (usually just a few days for common watches), odds are I'll have someone offer me the watch in a sale, get offered it in on trade, or am able to source it from an existing relationship at a better level.

Regarding what Oscar said...that's one of the biggest headaches in the business! At least once a month I'll 'pre-screen' a new customer as being legitimate and serious in his need for a watch. He'll want it tomorrow....I'll source it at a level that's higher than where I'd prefer to own the piece...he'll disappear into the night. For reference, the majority of those guys are local walk-ins.

Little known fact of the day:

Most of the prices listed on the forums are what is considered in the business as 'wholesale levels'. A large bulk of the familiar names you deal with across the major watch forums are selling the same watches, at the same prices, to other dealers! I've invited some good clients to attend trade shows with me and they have been blown away by the majority of the prices offered on pieces...lots are sold at levels higher than you are used to seeing!

Great answer, Matt - very glad to see you chiming in!

[Porsche]

WOW, I had no idea that the pricing here on the forums was at "wholesale" levels. Good work guys.

And I would like to remind everyone reading this thread, don't forget the wonderful support this forum (and it's members) get from these guys during the free give-aways



PS. If I didn't get my watches free, I would definitely buy my next Rolex from one of you guys.

[RXPete]

Best thread on TRF!!! Thanks!!

Has anyone blown your source on a BNIB after the customer received the watch?

[Mosco]

Originally Posted by RXPete

Best thread on TRF!!! Thanks!!

Has anyone blown your source on a BNIB after the customer received the watch?

Yes, once. Now he pays full retail wherever he goes, word travels fast

[Lmbeauleap]

Originally Posted by Mosco

Yes, once. Now he pays full retail wherever he goes, word travels fast

What did he mean by "blow your source"? I want to make sure I don't do that...

(just realized that could be taken a different way I meant it as a serious question)

[mfer]

Originally Posted by mboverst

Most of the prices listed on the forums are what is considered in the business as 'wholesale levels'. A large bulk of the familiar names you deal with across the major watch forums are selling the same watches, at the same prices, to other dealers! I've invited some good clients to attend trade shows with me and they have been blown away by the majority of the prices offered on pieces...lots are sold at levels higher than you are used to seeing!

I have seen this first hand. I was VERY surprised.

[Cru Jones]

Originally Posted by Lmbeauleap

What did he mean by "blow your source"? I want to make sure I don't do that...

(just realized that could be taken a different way I meant it as a serious question)

x2....

+ another question, greg.....with the move to boutiques and the squeezing of AD margins, it seems like Rolex is moving more and more to control the supply. have "greys" been contacted by the mothership before in one way or another? or, is this something that rolex seeks to influence through boutiques/fewer ADs....

[Gaijin]

Greg have some of your sources for Rolex told you that it will be harder and more expensive to source a Rolex because of the move to the boutique format?

Thanks...

[RXPete]

Originally Posted by Lmbeauleap

What did he mean by "blow your source"? I want to make sure I don't do that...

(just realized that could be taken a different way I meant it as a serious question)

Disclose who the AD is once you see it on the warranty card.

If you take it the "other" way then I think
that person would get even more a discount. Lol.

[Starwalker]

Thanks for taking the initiative to start this tread Greg, it is deeply appreciated. I've only just read the first page and have a bunch of questions which I have been wondering about for years already answered. Look forward to being perpetually enlightened about the watch world/industry as this tread continues to grow.

[GerardoG]

GREAT thread, thank you!!!

[Boothroyd]

Originally Posted by mboverst

Little known fact of the day:

Most of the prices listed on the forums are what is considered in the business as 'wholesale levels'. A large bulk of the familiar names you deal with across the major watch forums are selling the same watches, at the same prices, to other dealers! I've invited some good clients to attend trade shows with me and they have been blown away by the majority of the prices offered on pieces...lots are sold at levels higher than you are used to seeing!

Follow up question on this point. Would not a watch, sourced by AD, then sold to grey market, then back to another AD have an incorrect warranty card? How would that be remedied on the part of the AD selling to end customer? Thank you!

[Boothroyd]

Sorry, I should have looked at my warranty card prior to asking the previous question. The AD name does not appear on the warranty card. I never realized this market was so fluid. Thank you!!

[harvey]

...Greg I don't have any questions but just say what a great thread! Thanks for being so transparent with your answers.

[cemeabeme]

Do you exclusively use your "eye ball" & handling expertise and know-how about a brand to identify a genuine watch plus "paper" authentication? This is presuming papers are available. Or do you have the watch case back opened for verification. I'm by far no expert, but wondered how authentication could take place outside of bringing the watch to the manufacturer for inspection.

[TempoKing]

Originally Posted by harvey

...Greg I don't have any questions but just say what a great thread! Thanks for being so transparent with your answers.

I agree, thanks Greg..

[dbelle7]

Greg,
Sent you a PM...I somehow missed that I had a reply from you...I apologize for taking so long to respond. And thank you!
D

[txdinh]

Originally Posted by Mosco

Shouldn't be nervous about those, as that means that the watch is coming right from AD and your name will be officially placed on the docs. As far as some fields left open, only one I would concern myself with is the dealer stamp. You definitely want that. Name is unimportant for the most part, and date can be filled in. Watch warranties, for now at least, aren't an exact science like auto warranty for instance.

Greg, Thanks for the wealth of info!!
What is the concern about completly blank warranty paper (no dealer name/stamp nor purchaser name)? I dealt one case like that. The watch was sent to RWSC for service without any issue.
Thanks again!

[jack81]

Hi Greg, a very interesting thread obviusly

I do have a few questions for you, you mention that u would never sell your millgauss gv, what makes millgauss gv so special to you?
and how many personal collection do you have? and what are they?

Thanks

[wrxsti]

awesome Greg, looking forward to reading this thread and learning.

thanks

Andy

[hcivic91]

I've always thought that jewelry is a capital intensive business. How much, in $, do you have tied up in inventory at any given time?

Thanks for the thread.

[RXPete]

Originally Posted by hcivic91

I've always thought that jewelry is a capital intensive business. How much, in $, do you have tied up in inventory at any given time?

Thanks for the thread.

And what's the address of your wear house? Lol

[rookiewatch]

The is the best thread I ever read in TRF. Great job Greg!

[Brenngun]

Greg,

1.) When negotiating a volume deal with your AD's do they force you to take less popular pieces your not interested in but they want to move?

2.) How often do your AD's call you to make a deal versus you calling them? Do you have some that are hooked and mainlining Grey?

3.) In general would you say most of your AD's are happy the Grey's exist or would they prefer no Grey's in the market?

Thanks ....

[Sherwooddavid]

Sorry if someone else posted this ...I didn't have time to read the whole thread.

http://forums.watchuseek.com/f20/wat...ry-708700.html

[airchitect]

Greg, in the grey world, how do do see the GMTc fairing compared to the classic GMT/ii in regards to residual value year over year?And yes the GMTc is still relatively new, but I personally don't feel the "WOW" factor when I put it on. I always wonder how many other folks miss the Coke & Pepsi like me :-( . Thanks!

[Rags]

Hi Greg. Just wondering, do you have another occupation or is selling watches your primary source of income?