Yo, I was wondering if their was some type of limit to how many cars you can buy/sell per year even if you have a dealers liscense. Do you have to have your own place of buisness (car lot) or what? Cause I was sitting here thinking about how much cars go for at dealers auctions... And I was thinking man I could make a killing... I dont mind doing all my detailing and stuff myself... I mean theres trucks that go for 2,000 there and retail 4000 out here but cleaned up, buffed, and some wheels go for 6000... Do any of you guys do this? I'm considering this. It just seems to easy... and I cant figure out why I dont know people who do it you know what I'm saying.

Thanks to anyone who can help me at all.

 

In Georgia I got a letter after 13 bought and sold in one year saying if I continued I would have to apply for a dealer's license and pay state sales tax on what I sold.

Also, to buy at dealer auctions you have t have a license as well.

 

If you don't put the car into your name you don't have to worry about the tax man!

 

LOL i gotta be getting close, if it was within 365 days of each other

S10
(2) Silverados
Blazer
Cobalt

 

That's skipping title, lol don't get caught!!

It verys from state to state, but usual, it 3-5. The biggest hurdle in getting a dealers license in most states, is having a place of business. Most areas you have to have a office that keeps regular hours, with a sign and a display lot. Usually, you can't just use your house. Also, a lot of state require you to carry some kind of bond too. Some times you can pay a local small car dealer to "hang" your license at his lot. It really verys from state to state. Google it for your state and you can probable find out.

 

You need to check into the whosale business, you'll need a license. There are lots of people that have whosale lots and provide a line of credit for you to purchase from auctions or anywhere you want for that matter, they charge a percent of the credit you use and handle the paperwork for you to make it all legal and legit. Once you've pulled enough profit and got your feet wet in the business then you can back yourself. There is alot of money to be made. You could also buddy up with someone that has a license and can buy from auctions, get your foot in the door that way with your own money. I know people that will buy for me and usually I give them a couple hundred over the cost they pay and turn around and resell. I like to pick up cheap cars with engine/trans problems and fix them cheap, usually come close to doubling my money everytime but I only do a couple a year to make some extra cash. Example. 91 S-blazer, bought for 500 cause it ran like crap, new plugs set the timing and sold it for 1200. And I drove it for 6 months.

 

lol! I wouldn't dream of doing that!!! I was just saying.....

 

Sounds good guys thanks for the help. Im really interested in this and I'm going to start looking into it seriously. Im going to sell my truck to get me started maybe buy a honda or somthing for transportation till i get on my feet and have some extra money. This seems fun and enjoyable.

 

Buy your first on cheap and drive it while you look for others, make a quick profit then buy another. No need to sell your truck, With a quick scan of the classifieds you can find a good deal to get you started, then flip the profit to buy more and next thing you know your able to get some 3-4k cars and the profit goes up. Cheap cars+taxtime+$$$$

 

Also honda's are almost never cheap enough to make good money on. Trucks bought cheap are money machines. Older fords and imports that will provide decent transportation are you your best bet. Mid-to late 90's GM cars can be had cheap as well and sell good.