Anybody have any experience of this business ? If you do then please share some tips and tricks. One of my best friends recently moved to USA and wants to start this business. His BIL has technical know how of how much work a car needs and how much will it take to fix it and how much should we pay for it and then how much can we get for it after fixing it.
My interest in this business is this that this friend of mine wants me to be one of the investors/partner as I have been in this country long enough and know a thing or two about starting and running a business here.
Re: Used car business.
Well for starters you may drop the idea of buying cars that require 'fixing',,,,
Remember 'Fixing' requires Cars/Autos that can be fixed 'Legally' and not otherwise.
Meaning if you buy a 2 year old car which is damaged/accidented/water damaged and shows as
'Salvaged' in the computer VIN History, fixing it and then selling it would illegal by which you are breaking a law with severe penalties. ( This is a very common bootleg business and unsuspecting buyers buy such cars and get in trouble after few months when the 'system' catches up.
A - Buy a 'Used Car' lot
B - Obtain WholeSale/Retail dealership Govt. Licence ( Easy and requires one week training)
C - Use your dealership vendor code and buy vehicles from 'Whole Sale Used Car Auction' - Online
D - Mark-up vehicles with appropriate prices and sell them from your 'Used Car Lot'
Such ^ Vehicles are usually 'Lease Returns' 'Impounded' or 'Returns from Rental companies after short-term lease expire. They are usually under 'Manufacturers Warranties and if vehicles requires any reapairs, the first thing to check here if such a repair is covered in the warranty and if IT IS Covered then you are saving your self a lot, hence your profits are better too.
Hope this much helps.
^ This is Valid for both USA & Canada
Re: Used car business.
Thanks RD , that helps a lot.
Re: Used car business.
C C ur welcome!
Re: Used car business.
Greetings
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