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How can I start buying cars in the car auction?
I would like to buy trade-ins of local distributors, or perhaps car auctions, so that later you can re-sell in cash. Do I need to incorporate as a business to start? Do I need a license? Currently I'm in North Carolina.
To do well you need to be a distributor. To become a dealer you have to jump through all sorts of hoops, the larger of the which is liability insurance garage ($ 2000-2500 per year) and a place of business with a sign. And getting a bond and license fees are the least expensive their concerns. My suggestion would be to try to buy and sell on their own, outside the press and unless there is money regularly do not bother to get licensed. Trust in me, cars are often sold for less than a newspaper distributor that auctions so if you can not buy or sell outside of the newspaper on their own, no need to spend the money to be an authorized dealer. Try to buy and sell cars with "open titles. Yes, its technically illegal. It's very, very rarely get into real trouble over it. worst case you brought to court, tell the judge he did not know and puts you on probation and told not to do it again. But who rarely or never happens. TRUE STORY ... I was an authorized distributor and is often purchased cars from the press. One Friday, I bought a car for $ 1400. I sold a few days for $ 2900 (My biggest profit ever in 12 + years in the car business). A year later, I saw the same truck with 20,000 miles bring $ 3250 at auction from a dealer only. The buyer pays a fee on top buyers of it. My advice, do not become licensed until it has demonstrated yourself that can profitably buying and selling of cars to get elsewhere. You can buy cars at wholesale and below the street. I used to do frequently. Now, after arriving in the sale of 2-3 per month for a few months you can do in the case of what could easily become an authorized dealer. Overhead costs only kill their chances to maintain their profit.
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Foster On Auction: A Complete Exposition Of The Latest Developments Of Modern Auction, With The Full Code Of The Official Laws And 130 Deals From Actual Play (1918) List Price: $48.95 Sale Price: $34.10 Used From: $34.51  |
5 Year Old Auctions Self Portrait