How to Start a Used Car Business WITHOUT Being a Dealer
Business Overview:
If you are a car lover looking for a way to turn your passion into a business, you should look into how to start a used car business without being a dealer. You may think that in order to start a used car business, you must have a dealer’s license but that’s not the case. You don’t even need to have any sales experience. You can access used car ads found in newspapers and online to find sellers. You also can work with dealerships looking to get rid of their older inventory. Desperate dealers will pay you to sell their cars for them. Private sellers will pay you to get top dollar for their cars. Used cars are always popular in any economy, and when times are tough used cars are much more sought after than new cars. Starting a used car business without being a dealer requires very little startup capital and no office. You can work on this business idea from home in your spare time. And the good news is the more cars you are able to sell, the more demand there will be for your services. You may even find yourself needing to hire a staff to help you. Soon you will be running a business that runs itself.
A Day in the Life of a Used Car Business Owner:
Your day will begin with a check of any new inventory. This may come online or from a dealer. You want to get the details of these cars and see if you have any buyers in your system looking for similar cars. Then you’ll spend some time matching up your current list of cars for sale with potential buyers. You can visit any local dealerships you don’t have relationships with to see if they are interested in your services. If you have a staff working for you, you’ll give them their assignments and get them started matching up buyers and sellers. Finally, you’ll want to take a look at your finances to make sure your commission payments have been paid.
About Your Customers:
Your customers will be private sellers and dealerships looking to sell used cars and people looking to buy used cars.
What You Need to Start:
- Computer with software capable of keeping track of all your buyers and sellers
- A solid marketing plan
- An advertising plan
- Finance software
The Good:
- Once you form relationships with sellers, this business is easy to maintain.
- The return on investment is huge.
- The demand for used cars will always be high.
- Even in an unstable economy, used cars will be popular.
- You don’t need any equipment or a storefront.
The Bad:
- Building up your virtual inventory requires patience and persistence.
- It could take some time to get really good at this business and get it working on its own.
Resources:
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