How to Start, Run and Grow a Used Car Dealership on a Budget
Start Part-Time or Full-Time Right from Home-Start Your Own Used Car Business
It is not hard to become a used car dealer even if you are on a tight budget. As far as the income potential is concern, it is higher than most other side gigs you will find. Just imagine this, you buy a 6 years old Toyota Camry with 87K miles for $4,500, you bring it home, clean it up, fix few minor scratches, wash it wax it, then put it up for sale on Craigslist for $7100. In the first three days you get a few calls, and after 4 test drives, you sell it for $6,600.
Let’s see how much you made from this sale. You paid $4,400 + you spend $350 on fixing minor issues, so your total cost was $4,750, but you sold it for $6,600, so your net profit from this sale is $6,600-$4,750 = $1,850
Not bad for few hours of work. You see if you buy the right type of cars and price them right, there is no reason you can’t sell 2-3 cars a month and make a handsome extra income each month.
I have a friend, who has a small insurance business. He has been selling cars on the side for last 25 years, and he told me just by selling 2-3 cars a month, he was able to pay for college for all his three kids.
On the other hand, if you want to grow, then start small but reinvest the profit you make from selling each car back into the business and soon you will see, you are growing at a fast and steady pace, but you have to be focused and dedicated.
Let’s See What You Will Learn From This Book:
- 12 Steps to get started
- All 50 State licensing requirements
- Bond and insurance you will need
- Personal financial statement & sample
- How to incorporate and Name your business
- Sample Article of Incorporation
- Which is the best legal business entity for you
- How to get a EIN number and open a Commercial Bank account
- Where to get all your dealer supplies and Forms
- What and how Auction houses work
- How to get started on a tight budget
- How to find financing for your new business
- All Legal requirements
- How to develop your Inventory
- How to sell cars
- How much can you make
- How to do it part-time from home
- Dealer management software
- How to grow your used car dealership
Enjoy and good luck!