used car business

[stangin']

let's say i have a used car dealer's license and i am able to purchase vehicles from car auctions to resell. do you guys think that this is a good business to get into? is there money to be made in this field as a career?

if there's anyone in this trade, please give me some pros and cons about this. i've thought about getting into this, but i don't want to waste my time or money getting into something if it's going to leads me into a deadend road. you can PM me or just post here. basically, i'm just looking for advice. TIA.

 

[lizardbreath]

I wouldn't go into it. However I would use your liscense to buy cars mad cheap.

 

[mineralgrey01gt]

personally i wouldnt. I have saw a lot of those used car business's around here that fell through shortly after they are opened, but like lizardbreath said, id buy the hell out of some bad ass cars really cheap

 

[cody_288]

Start with just one or two cars. Start small and if it seems like you might make some extra jingle then prgressively try it out on a bigger and bigger scale. That way if you find you don't like it or it's not working then you can always get out of it easy with just one or two cars at first it would be alot cheaper.

You could always try a mustang or Ford performance car dealer only to. Start with a couple fox bodies or something and if you find out you don't like it you have two more mustangs.

 

[SpectorV]

where are you selling from, your home? You should check the laws to the number of cars you can sell before you have to get a business lic. and what not.

 

[Stack]

Do you really have to "SELL" the cars to get a license or keep the license???

I mean I would just like to have one so I could go to those killer dealer only auctions!

 

[funair02]

Do you really have to "SELL" the cars to get a license or keep the license???

I mean I would just like to have one so I could go to those killer dealer only auctions!

no you dont, but the kicker is that you have to have (depending on state) a tax exempt certificate. To get that, you have to be a sole propritership or incorporated (basically own you own business with the docs. to back it)

Also, some wholesale outfits have a application process, to keep wanna bes out...

 

[JasonSnake]

It sounds like a PITA. I wouldn't get into it. I, more than likely, would never buy from a small used car lot.

 

[venmos1]

i think it could be a good idea. like stated above, dont jump in deep and bury yourself. start small and get a feel for it. i think your goal should be customer service and satisfaction. i think you could do well with high school kids or younger people. we read on here about how so many people have a bad experience with dealerships. so you would want people to enjoy coming to you. happy customers will return and refer others. so you cant go in and try to make huge profits. get your name out by selling quality cars that you stand behind and give good deals. good luck with your decision:thumbsup:

 

[CKENNEYJR]

LOL.... I am in the used car business and it is nothing like you guys think. Yes we buy from auctions but no they are not as cheap as you think. Maybe several years ago but not anymore, on a buy here pay here lot most people believe that our downpayment is what we have invested in the vehicle this is NOT the case. It is a good business and yes you can make a good living doing it but dont think its going to be a cake walk. Good luck to you. Thanks Chris

 

[MYGT500]

I have been in the used car business for 34 years..It's a great business if managed right. The income is directly tied to how hard you want to work.
The money is made by buying the cars for the right money. That is the trick.
The auction isnt always the best source. You need connections at new car dealers for a car supply. BTW...I would not start a dealership today unless I had atleast $250,000 in liquid assets..

 

[Juruense]

I would suggest working at an existing used car dealership for at least five years to gain knowledge and experience before attempting to start you own. And the bank is not going to loan you jack unless you have a good business plan.