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I am thinking of starting a business by buying cars from auctions and sell them outside.?

does any one know anything about this? can i make good money out of it? do i need a business license to do it? pls if u know anything..... I'm from Midlands UK

Public Comments

1. If you mean you are going to sell them on the roadside then watch out for your local council...they don't like people having cars for sale on the streets.....but it's a good idea and there is some good money to be made and as long as you don't have a street full of cars for sale the tax man won't even know
2. The most important thing to know is this: If you don't know anything about buying and selling cars - don't! If you try to get into car dealing with no experience, you will get burned...
3. Will they carry a warrenty?
4. Find the right models, buy at the right price and aim to add about 15% of the cars purchase cost to your sale price. If all you have to do is wash, wax and clean the car great if you get home and find the battery is shafted that'll be about 50 quid. If you're only expecting to make 200 quid the profit for that car is going to take a hammering. If it needs a clutch that could cost you 250 quid which means no profit and a loss from a second car. There is money to be made but either you go for older cars that more people can afford but which are more likely to need repairs or you go for newer cars, fewer buyers but less likely to need repairs. Decide what you want to do and before you jump in buy a car and find out the problems you'll face, if you think you've bought a belter and still lose 250 quid perhaps you need to think again...
5. Some states have different requirements. In some states you are only allowed to sell a few cars a year. (communism) You have have to get a dealers license and have a suitable lot with proper lighting. I used to work for a dealer going to auctions and stuff. You can make very good money if you build a reputation. But I have found out that a lot of the cars that are sold at auctions are ( how can I say it) junk. If the car is saleable (in most cases) they would have sold it to a private party. Not in all cases, but in most, I would say.
6. i work at a auction. so only buy cars to sell if you know what your buying and you know the market.. a lot of my mates have tried to do this but without knowledge it goes pear shaped after your first few purchases. i buy and sell cars,, and its not always the case of making money. sometimes you have got to take a loss on cars. but do your homework first, get to know the market and then look at buying, but at auctions dont go over board and just buy a car just cuz it looks good, check it out, make sure it doesnt cost you dear to get it sold.. any more questions ask me.... Good luck!!!!!!!!
7. you will need a whole sale license and you can make some good money if people are willing to buy just know how the car sales game works and your set but you will need a whole sale license and a place to work on and store the cars for when you sell them so check your land zoning and see if you can set up a business there or not
8. with respect ,dont bother ,if you want that confirming just ask any car dealer how its going .he will probably ask you for the number for samaritans ,the second hand market is on its head at the moment ,as for the auctions unless you are clued up or have a guy who works there to tip you a wink as to the fact the car does'nt have reverse etc its a headache you dont need
9. Forget it pal , unless u've been in the trde say minimum 10-15 years , ur kidding yourself on ! It is not as easy as it sounds , Buy a cafe or a sandwich shop instead. DJC.
10. I used to do this a few years ago and, for a while, made an ok living - especially once the auctioneers got to know me. But when the general public cottoned on, the prices made it too tight to make a profit on. I don't think it's a good idea any more.