DeWITT — East Syracuse Chevrolet has opened a new off-site lot for “economy” used cars, dubbed “East Syracuse Chevy Economy Corner.”
It operates at 6001 Galster Road in DeWitt at the corner of Manlius Center Road and Galster Road, just east of the Walmart store.
The main East Syracuse Chevy dealership operates in a 60,000-foot-space at 1 Chevy Drive in DeWitt, near the Bridge Street connection to Interstate 690.
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The dealership sees “more and more” people coming in looking for “lower-end” used cars, says Gino Barbuto, dealer/operator of East Syracuse Chevy, explaining the move to launch the new venture.
At the same time, the dealership is also wholesaling or selling the cars that it’s accepting on trades to other sources that end up sitting in other used-car lots.
Barbuto felt that process could be an opportunity for his own business.
“Why don’t we do that ourselves?,” quips Barbuto, recalling his thought process last summer.
He spoke with CNYBJ on Jan. 15.
East Syracuse Chevy Economy Corner opened Dec. 15 on a 1-acre property that includes a 1,000-square-foot office and space for between 40 and 50 used cars.
“What’s nice about it is we don’t have to go out and buy them. We take them in on trade every day,” says Barbuto.
It also serves as a credit center for the main dealership, he notes.
The three employees at Economy Corner are among 88 people that East Syracuse Chevy currently employs. The figure also includes six part-time employees.
Barbuto purchased the property and office building from a family trust that had previously owned the space. He declined to disclose the family involved but noted he knew them as dealership customers.
“We sat down and discussed it and thought it would be good for both parties,” he says.
The previous tenant handled stereo equipment and after-market car accessories and had vacated the space, he adds.
Barbuto formed a new company, Cornflower Properties, which officially owns the property. East Syracuse Chevy leases the property from Cornflower Properties, he says.
Barbuto used company assets to finance the property acquisition, which he says “wasn’t a large investment.”
He also served as his own general contractor to prepare the property for business, which included painting and paving work.
Barbuto doesn’t expect the used-car lot to provide a significant portion of the dealership’s annual revenue.
“I don’t think in the beginning, it’s going to be a big money maker,” says Barbuto.
But besides the revenue it’ll generate, Barbuto also hopes the expansion generates “customer loyalty and retention.”
He believes that if the dealership helps people with a credit issue when they’re buying a used car, then they might return to purchase a newer vehicle the next time around.
East Syracuse Chevy generated $69 million in sales during 2014, up 10 percent from 2013. Barbuto is projecting another 10 percent revenue increase in 2015.
East Syracuse Chevy has operated at 1 Chevy Drive since March 1, 1987 and the company’s history dates back to 1929, according to Barbuto.
He joined the dealership in September 1986 and eventually purchased the business on Dec. 30, 2011, he says.