How to Buy and Sell Cars
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Buying
and selling cars can be a very lucrative enterprise, if you know how to do it
correctly. The government regulates the number of cars an unlicensed citizen
may buy or sell in a year without incurring significant fines or penalties.
Therefore, it is important to learn how to buy numerous cars and sell them
legally, without encountering costly consequences. While it is true that there
are many ways to buy cars, it is also true that, in order to buy and sell cars
for a profit, there is a specific way in which to do it legally. Follow these
steps for how to buy and sell cars in order to stay within the law and ensure
maximum profitability.
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Build up savings.
You will need a significant amount of funding to buy cars and, additionally,
obtain the necessary licensing. Be prepared with at least $10,000 in start-up costs.
Obtain a dealer's license. Licensing
requisites differ from state to state, but generally entail completing a course
and passing a licensing examination. This step is pertinent because, without a
dealer's license, you will not be able to legally buy and sell cars for profit.
Decide on a business locale. Do you
want to sell and buy cars from the comfort of your home office, or would you
rather operate a used car lot? If you plan on keeping an inventory, where will
you display and sell cars from?Determine
a marketing strategy. You need to know what people are looking for before
you go car shopping. Get the word out about your auto exchange endeavor and
make a list of in-demand automobiles.Build
an inventory. Use your dealer's license to purchase cars at wholesale
rates.Attend private auto auctions. Only those people with an active dealer's
license can attend private auctions and bid on/purchase used cars at below
market rate prices.Submit closed bids at new car dealerships. This is another
aspect of automobile dealing that is only open to those with a dealer's
license.Advertise. Invest in business cards, flyers and classified ads
that relay information about your car buying and selling practice.
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If you plan on advancing your
practice of buying and selling automobiles, you will need more than a dealer's
license. To own a lot, you will need a surety bond and a business license. This
will require a working office and an inspection by the Division of Motor
Vehicles (DMV).
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Require buyers who make specific
requests to leave a deposit with you before you bid on and purchase a car at
auction.
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Enlist in the help of a trusted auto
mechanic before you purchase any used car. Bring a professional with you to
auto auctions and dealerships.
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Find private auto auctions online
and through other dealerships that buy and sell used cars.
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Keep a running list of potential
buyers, along with the make, model and year of car they are interested in
buying.
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