Paging Daveblank-Macto !!

[billymade]

Damn, I misspelled "Matco", LOL! Sorry, bad intro!
Ok, we have heard from our friendly resident Snap-On tool man... now its your turn; introduce yourself, tell us your background, how you got in the tool business and how it is going for you! Also, if you are "up to it", give us a candid assessment of the product you sell. Then, I'm sure you will be peppered with a bunch of Matco brand related questions and a few criticisms thrown in for good measure! You have the floor!

I'll start off with a couple questions to get the ball rolling:

Q #1: Historically, the Matco USA made hard line of tools was made by a number of respected OEM USA based companies, a few I know of were; Bonney, wrenches, Wright tools ratchets, sockets etc., who is making them now and with the advent of the "silver eagle" econo line; who makes those and where are they made?

Q #2: What has the impact of the purchase of Matco by Danaher, been; has the quality of the tool been affected and do you see more of the tools being made by Danaher and the elimination of tradition OEMs from the hard line of hand tools?

Q #3: What is your assessment of the trends in the tool truck industry; more offshore lower quality tools to meet the demand for less expensive tools with the lowered buying power of the average technician etc., any trends you see or from your eyes "whats happening" would be appreciated as well...

 

[wrenchr]

The silver eagle brand is taiwan, like snap on's blue point.

 

[billymade]

BUMP! Dave Blank where are yah?

 

[daveblank]

My history

US ARmy light wheeled vehicle mechanic right after high school
retail management at parts stores & race shops
lots of drag racing
1995 went to work at Nissan as a tech. Infiniti in 2001 Nissan & Infiniti Master tech
I started having knee troubles & my family doctor advised me to make a carreer change. I thought about becoming a bass fishing guide. I decided that with my knowledge of sales, techs, tools, & tool uses this would be a natural fit. I checked with Snap-On, Mac, & Cornwell also & with the help of a busisness/tax advisor went with Matco. I started my route on Feb 4th, 2008. YTD I'm #1 in boot sales. Busisness is good. I don't let what the news reports affect me.

As far as where the tools are made. It's a broad spectrum. In all honesty they are built to the specs of the company diong the buying. Where they are built won't have an affect on overall quality.

Since I wasn't with Matco befor Danaher I can't speak from experiance.

Fro question 3. I see 2 lines. High end & low end. This will be done to corner the market.

 

[billymade]

Anyone else have questions for our resident friendly Matco dealer?

 

[daveblank]

BUMP! Dave Blank where are yah?

I forgot to answer this one. Fridays are my most hectic day. Then when I got home the neighbor had a new baby boy & I've got to get the boat ready for the weekend. New impeller in the A.M., then fishing at Lake Fork.

 

[billymade]

No problem! I am glad you were able and willing to introduce yourself, give us some background and I got some basic questions out there to get the ball rolling; I'm sure there will be more..... thank you!

 

[Blacknwhitepit]

Dave,

Thanks for answering questions. I have a few, please feel free to skip over any that may get you in trouble or may be too personal. I know this is broadcast over a large audience.


My 10 questions:

1. How does it effect you when you have deadbeat buyers? You are usually the one stuck with the bad debt if they bought from truck credit, correct?

2. Does it bother you that some people view Tool truck companies as evil for charging large amounts with high interest rates? What percentage of the shops/people that you see feel this way?

3. What do you do when you know you are selling a set of wrenches to a crackhead who you strongly believe will sell them at 1/10th the value and never pay you back?

4. Are you shoved with merchandise you don't want?

5. How have gas costs affected your bottom line?

6. What percentage of Techs want USA made tools, and will hold the line or balk at buying foreign tools?

7. Do you have any sort of professional courtesy with other Tool Truck Companies (S-O, Cornwell, MAC). Are they a threat?

8. The tool business is a difficult one, how long do you see yourself doing this?

9. How many hours a week do you work?

10. Do you see business getting better in the next 3 years (bigger route, more money, more expansion)

I guess I have been watching some debates recently, so I am asking some pointed questions.

Thanks for your time.

-BWP

 

[Diesel-Mech]

2. Does it bother you that some people view Tool truck companies as evil for charging large amounts with high interest rates? What percentage of the shops/people that you see feel this way?

This question perplexes me, I have never been charged any interest on a tool truck for something bought on my truck account.

 

[garfunkle24]

This question perplexes me, I have never been charged any interest on a tool truck for something bought on my truck account.

I think you do pay interest if you finance a tollbox from the truck though and maybe in some other situations. Someone will have to verify. I have mainly SO/Mac tools but cheap-*** boxes.

 

[Merkava_4]

Paging Daveblank-Macto !!

It's a broad spectrum. In all honesty they are built to the specs of the company diong the buying. Where they are built won't have an affect on overall quality.

I'd say you guys are even now.

 

[billymade]

Mahn, this missphelling stuhff is hilareus!

 

[Merkava_4]

I'm thinking you were in a hurry to get this thread started for some reason or another.

 

[billymade]

I think I was getting ready to go to work, to the flea or something..... plus, I think I was either not awake or very tired!....

 

[DresdenBlack]

To answer your question about the silver eagle manufacturer is actually sunex tools. They make the complete silver eagle line and to further prove this fact go to sunextools.com. These are really well made tools and are probably one of the better asian tool companies out there.

 

[daveblank]

Dave,

Thanks for answering questions. I have a few, please feel free to skip over any that may get you in trouble or may be too personal. I know this is broadcast over a large audience.


My 10 questions:

1. How does it effect you when you have deadbeat buyers? You are usually the one stuck with the bad debt if they bought from truck credit, correct?

2. Does it bother you that some people view Tool truck companies as evil for charging large amounts with high interest rates? What percentage of the shops/people that you see feel this way?

3. What do you do when you know you are selling a set of wrenches to a crackhead who you strongly believe will sell them at 1/10th the value and never pay you back?

4. Are you shoved with merchandise you don't want?

5. How have gas costs affected your bottom line?

6. What percentage of Techs want USA made tools, and will hold the line or balk at buying foreign tools?

7. Do you have any sort of professional courtesy with other Tool Truck Companies (S-O, Cornwell, MAC). Are they a threat?

8. The tool business is a difficult one, how long do you see yourself doing this?

9. How many hours a week do you work?

10. Do you see business getting better in the next 3 years (bigger route, more money, more expansion)

I guess I have been watching some debates recently, so I am asking some pointed questions.

Thanks for your time.

-BWP

1. It's my money they have. Plain & simple. It is a tax writeoff, but, one that I don't wish to take.

2. No. If it did I wouldn't be in this business. Pepole think the same way abour oil companies, the IRS, big box stores, auto dealerships, & the list goes on. As far as interest rates--truck credit doesn't get charged interest. Matco finance varies between 9.99 & 22.5% depending on credit score. I had a customer that was quoted 2.9 from his local bank. I provided him with all the information he needed to finance his box through them. If customers think the interest rate is too high then they can pay me in cash if they wish.

3. The way I see it is I am "The Bank of Dave" with the final loan approval bieng mine. If I have a gut feeling that I'm going to take it in the shorts, then no deal. See question 1.

4. No. After my initial starter inventory, I have total control.

5. Just like everyone else. My profit is how I provide for my family.

6. I might have 2-3% that insist in USA made. Most just want to know that I will be there to service them if the need arrives.

7. Yes. I meet 2 Mac distributors on Thursdays at lunch time. We've helped eachother get items warrantied & even gotten parts for our customers. I have a good relationship with 1 Snap On distributor & & not fond of the other. I have never met the Cornwell guy but we waive at eachother when we pass by.

8. Within 15 years my daughters will be done with school. My wife is a teacher with 12 years till she can think abour retirement. So Ideally 12-20 years is a good goal.

9. 55-60 this includes Saturdays when I cleean the truck.

10. Yes, On a daily basis I can see customers trusting me more. As they do they will do more busisness with me. My biggest holdback is that many(75%) of my customers admit they are not legal. My neighbor is nice enough to come with me when he has time. He does a great job to help re-assure the customers that I'm here to help them & not cause them any problems. Chris is also working at teaching me Spanish, & this in turn teaches him better English. I truly owe Chris a big thanks.

 

[Pedro-snapon]

I think you do pay interest if you finance a tollbox from the truck though and maybe in some other situations. Someone will have to verify. I have mainly SO/Mac tools but cheap-*** boxes.

what dave said is correct. You never pay interest on the truck r/a accounts.... on on credit accounts from either snapon credit or who ever else anyone uses...

 

[davestlouis]

I would have to think that each mobile dealer would have to become a licensed lender in order to charge interest. It's like those buy-her pay-here car lots that don't charge interest, they just charge more for the item, so they don't have to jump through hoops to be able to collect interest.

I'm certainly not trash talking mobile truck dealers, I like them and have bought more than I care to think about from "the truck"...but reality being what it is, they represent another layer of middleman, who obviously wants a piece of the action, and has to make a profit, or their kids don't eat.

 

[Pedro-snapon]

I would have to think that each mobile dealer would have to become a licensed lender in order to charge interest. It's like those buy-her pay-here car lots that don't charge interest, they just charge more for the item, so they don't have to jump through hoops to be able to collect interest.

I'm certainly not trash talking mobile truck dealers, I like them and have bought more than I care to think about from "the truck"...but reality being what it is, they represent another layer of middleman, who obviously wants a piece of the action, and has to make a profit, or their kids don't eat.

correct, but the way we do it is with the help of the companies. We are also on payment plans =) Thus avoiding interest or extremely high prices

 

[eschoendorff]

.but reality being what it is, they represent another layer of middleman, who obviously wants a piece of the action, and has to make a profit, or their kids don't eat.

Well, of course. Everyone is so quick to defend the folks working in manufacturing here in the USA... but there are a lot of people who depend on being a "middle man" to support their American families.

 

[davestlouis]

Hell, I'm a middleman who gets a slice of the pie on everything I sell, nothing wrong with that. It's all about service...

 

[MAD]

Interest free truck credit is a good deal for many people. Although I generally did my tool truck purchases with cash, there were a few items that I needed right away that I would not have been able to buy without short term financing from my dealer. I never had a credit card or any type of bank loan until I was 33 and bought my house so truck credit was the only option.There were guys that were in to the point where it seemed to me that they would never pay their truck tab down to zero and had no option except to keep buying their tools from the guy they were already making payments to. I was lucky that the bosses at shops I worked in as a young tech allowed me to borrow tools as long as I continued to buy my own a few at a time. That, along with generally being uncomfortable with borrowing money helped me keep things under control.

Truck credit is a financial tool just like a credit card. Both are OK when used with care. Pay your credit card balance in full every month and it is a great deal. But buy Craftsman tools on a Sears card and make the minimum payment and you may end up paying even more than tool truck prices for your "affordable" tools.