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anyone here have there own car lot?? hows the business? I am going to get my car dealers license and start buying and selling cars... i figure the real estate market is shit so im not really busy...plus my other businesses don't require much out of me so im hecka bored. Therefor I wouldn't mind going to the auctions, selling the car, etc.
 
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my uncles a dealer and lives off the auctions (and the horses..lol), but yeah he does well and doesnt really kill himself...you seem like a smart guy...so you should do well
 

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with the right strategy and money it's possible to make good living but not car lot, wholesale is the way to go
 

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yea i hear wholesale is the way to go... either goto the car dealerships and buy there trade ins and take them to the auction and wholesale them off or get them out of the newspapers, etc...anyone else have any insight?
 
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Dealer license requires physical location, landline, desk, lockable document drawers, lease for at least 6 months for the space, and you will get two visits from the state to verify all that is in place before they approve it.

After that, *I* would think lot is better than wholesale, margins are higher, and you can take trade-ins (and lowball people on their trade-in value). It sounds like fun, you are already into cars, and it will make money. Also, you can source cars for all your friends at the auctions, and give to them for $500 over or something...and you will be suprised how many people you know will ask you to get them a car.

:sadance:
 

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I'm intersted in this more for the insurance and tax reason if anyone can give me some insight. My business office meets all of the qualifications outlined above, and everyone is a serious car guy but we buy a lot of high end cars for personal reasons, and it would be rather nice to save on some sales tax and even have the ability to wholesale them / get a group insurance policy. I know Hughie makes his living wholesale selling, anyone else?
 

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ya i am definately doing this.. my buddy owns Euro Spec Exotic out of Ft Myers FL and all he does is broker cars.. he has a huge warehouse where people send him their cars.. he gets them detailed, cleaned up, serviced, waxed, etc...he even puts some miles on them and than sells for the people. Theres a demand for high end cars and people are always buying/selling/trading in their cars
 

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Notorious 2JZ said:
Dealer license requires physical location, landline, desk, lockable document drawers, lease for at least 6 months for the space, and you will get two visits from the state to verify all that is in place before they approve it.

got all this
 

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onelove said:
I'm intersted in this more for the insurance and tax reason if anyone can give me some insight. My business office meets all of the qualifications outlined above, and everyone is a serious car guy but we buy a lot of high end cars for personal reasons, and it would be rather nice to save on some sales tax and even have the ability to wholesale them / get a group insurance policy. I know Hughie makes his living wholesale selling, anyone else?
You'd be suprised, the office must be zoned right, I beleve CCG2, and you must have parking for a certain number of cars (6 I believe) and you must operate at least so many hours a week, which you got covered...then of course the little stuff. Don't forget you've got to do quarterly income reports if you're a corp. and you've got to keep every piece of paperwork straight, because you WILL get audited. A friend of mine has his retail dealer's license and has been kind enough to put me on the books as a rep. because I've been trying to learn all the little details before dumping any money into it. He keep folders for every vehicle that's been sold, that begins to stack up. Sales tax has to be to the penny, other stuff like that.

I think if you depend on it to be your sole source of income, you're bound to begin to view it as any job. If you keep it secondary, it's still a pastime and can be very enjoyable. My favorite part is the auctions. But if your asking if business is good, I think it's about as good as it can be. There's more than enough people looking for cars out there, you've just got to present them with the one they can't leave without. I think wholesaling is a great way to start, but you'll have tons of people wanting you to go to the auction and get you a car, which you won't be able to do with out a retail dealer acting as middle man. I've probably sold 10 cars to my friends in the last 2 years.
 

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guardrail said:
You'd be suprised, the office must be zoned right, I beleve CCG2, and you must have parking for a certain number of cars (6 I believe) and you must operate at least so many hours a week, which you got covered...then of course the little stuff. Don't forget you've got to do quarterly income reports if you're a corp. and you've got to keep every piece of paperwork straight, because you WILL get audited. A friend of mine has his retail dealer's license and has been kind enough to put me on the books as a rep. because I've been trying to learn all the little details before dumping any money into it. He keep folders for every vehicle that's been sold, that begins to stack up. Sales tax has to be to the penny, other stuff like that.

I think if you depend on it to be your sole source of income, you're bound to begin to view it as any job. If you keep it secondary, it's still a pastime and can be very enjoyable. My favorite part is the auctions. But if your asking if business is good, I think it's about as good as it can be. There's more than enough people looking for cars out there, you've just got to present them with the one they can't leave without. I think wholesaling is a great way to start, but you'll have tons of people wanting you to go to the auction and get you a car, which you won't be able to do with out a retail dealer acting as middle man. I've probably sold 10 cars to my friends in the last 2 years.

My current office has 18 spots, indoor parking for 5-6 vehicles including a 2 post lift and is zoned commercial so definately wouldn't be a problem. I've also got an office manager here M-F 8-7 so that would take care of the records portions. In all honesty I could care if it made little profit, more of a service to myself and those I work with, guess I'll have to take a closer look at it when I get some free time, the insurance portion is what really interests me, on keeping a "dealer policy" on multiple cars and drivers, to keep some what of a "toy box" for us car lovers here. When you start buying 75-150k cars suddenly the sales tax starts adding up, and swapping them out becomes a costly venture.
 

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onelove said:
My current office has 18 spots, indoor parking for 5-6 vehicles including a 2 post lift and is zoned commercial so definately wouldn't be a problem. I've also got an office manager here M-F 8-7 so that would take care of the records portions. In all honesty I could care if it made little profit, more of a service to myself and those I work with, guess I'll have to take a closer look at it when I get some free time, the insurance portion is what really interests me, on keeping a "dealer policy" on multiple cars and drivers, to keep some what of a "toy box" for us car lovers here. When you start buying 75-150k cars suddenly the sales tax starts adding up, and swapping them out becomes a costly venture.
Absolutely, that's why my dad and I got into it. Sounds like your setup is perfect for it. You have to attend the 8hr course on it, I think it's meant to scare away the crooks because they tell you about all the bad things they can do to you if you scam someone. Insurance seems to run around 3000 a year, but that's 500k liability I think, on unlimited dealer plates. That doesn't included collision though.
 
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Forgot to mention, you will also need a "surety" <or "insurance" or something> bond, I think its $35,000 or $40,000 coverage. Depending on your credit, this can run $100 to $400. I know a place in Arizona that posts these bonds for you for cheap. This way state is assured you are covered in case of something going wrong.

Something to consider is buying convertibles in FL during spring, and shipping them to the auction(s) up north, where they will sell like hot cakes during spring/summer. Also, while up north buy 2WD pickups, since they are literally worthless in snow, and almost new ones are cheap....flip them in FL where 4WD is not needed, and make easy ~$2000+/ea. Multiply that by the number of cars you can fit on a carrier, minus transportation costs, and you just made $15,000 in one-way trip, and another $15,000 on return.....

There is so much you can do with this
 

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Notorious 2JZ said:
Something to consider is buying convertibles in FL during spring, and shipping them to the auction(s) up north, where they will sell like hot cakes during spring/summer. Also, while up north buy 2WD pickups, since they are literally worthless in snow, and almost new ones are cheap....flip them in FL where 4WD is not needed, and make easy ~$2000+/ea. Multiply that by the number of cars you can fit on a carrier, minus transportation costs, and you just made $15,000 in one-way trip, and another $15,000 on return.....
There is so much you can do with this

It's interesting that you mention that, I was seling this 95 miata a while back and this guy was real interested in it. he was a snow bird, that also happened to be a car dealer up north and each winter he came down to florida to enjoy some sun and he'd take back 5-7 convertible cars, he really like miata's since their dirt cheap down here. He told me that's what he intended to do with mine, and asked if I could get a line on a few of them and do a nice package deal. Seems like you got yourself some pretty good ideas. Run with it!
 
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