As a new car dealer where do i start?

Question

Hi, im 19 years old and want to start my career now. My dad owns a little dealership right now that i work for and just recently i bought 2 cars and sold them within 5 days and make 1,000 dollars on each of them. I love it. I love cars and i think this is what i would like to try to do. The question is where do i start..? Where do i buy cars? Where do i get the money to buy cars? Ect ect.. Does anyone have anything or know of anything that would help? Books? Online websites? Anything would help. Thanks so much.

Answer 1

im the exact same as you. i love cars, and buying and selling them to make money is awesome. this process is called "car flipping" and here are some tips...

1. buy cars from private sellers. the private seller retail value is way lower the dealer value, so you'll spend less money. and since a lot of private sellers don't know how to price, they sometimes price their cars way too high or way too low. target the ones that are priced really low then sell them

2. getting a dealer license is hard, but with a license thers no limit on how many cars you can buy and sell per year (yes, there are restrictions) but the license can be really hard to get. i recommend getting a wholesale dealer's license (way easier to get) this way you can go to wholesale auctions, buy cars for dirt cheap, then resell to dealers for a nice profit.

and im not sure about this one, but i think if you become a salesman (ask your dad if you can work for him) then i think you can buy and sell as many cars as you want, although i've never tried and not sure it can happen...

Answer 2

Seems to me, son....your dad would be the best source for all that information, first hand!  

Answer 3

you start by buying your dads trade-ins that he doesn't want.  Ask him to front you  the money for the first few cars, and then you just keep buying his trades.  Now that you have started, you should be able to buy cars for a couple grand from other dealers, you can easily be a wholesaler with your dad in retail.

You'll need to have a License to do business.