Know anyone that owns their own used car business?

[XM_Rocks]

My partner and I are looking to speak with them!

Ebay style business preferable!

We are in the beginning stages of drafting a business plan and saving capital.

We have questions about floorplan financing, insurance, ad costs etc etc.

Looking to get away from the corporate world.

Please help me!

[POS Racing]

Did ya request a copy of this yet -> http://www.dot.state.tx.us/txdotefor...vletConfig.xml

I think you also need to send in this form along with a check -> http://www.dot.state.tx.us/txdotefor...vletConfig.xml

I looked at doing this a while back and lost intrest.

[sammm]

Check with forum member Mathews2004. He may have been down that road.

[Titus]

I looked at doing this a while back and lost intrest.

You could make a business out of selling your sister's rejects.

[POS Racing]

You could make a business out of selling your sister's rejects.

Usually not much left but a smoldering pile if it's my sister.

Now my my sister-in-law she will buy some cars!

[Titus]

Usually not much left but a smoldering pile if it's my sister.

Now my my sister-in-law she will buy some cars!

Ahh yes... meant the sister -in-law. How full is the storage space these days?

[XM_Rocks]

Did ya request a copy of this yet -> http://www.dot.state.tx.us/txdotefor...vletConfig.xml

I think you also need to send in this form along with a check -> http://www.dot.state.tx.us/txdotefor...vletConfig.xml

I looked at doing this a while back and lost intrest.

Thanks for the tips.

We are not at that stage yet, we are aligning the numbers and expectatons in the business plan first.

If we decide to move forward we plan on forming our corp and joining the Texas Independant Auto Dealers Association ASAP. Then attending conferences and auctions in the years leading up to the actual kick off. Plus it wouldnt hurt to wait out this bum economy.

We both love cars... I spent 1.5 years working for Park Place Lexus when I got out of college so I have a pretty good working knowledge of the ins-outs and laws pertaning to the business itself. I also remarket equipment today for a living and have the chance to attend Manheim auctions as a "work" experience.

We also plan to wait 2-3 years and save 1 year of total operating expenses in cash to help reduce the chance of failure. Most businesses fail because they are under funded, we want to reduce our risk.

Anyway this entrepreneurial streak is starting to come out in my 30's.

My Dad has owned his own companies since he was 28. He has had mixed results but overall has been successful. My wife family also have owned small businesses for 30 years so she supports me fully.

Could also be that I have been laid off and rumors are swirling again. No definite promises in the corporate world anymore. My 7 years of service can be gone tomorrow.

Check with forum member Mathews2004. He may have been down that road.

Thanks for the tip. I will PM him.

[trickyrix]

My dad and I have piddled around buying and selling cars on eBay for several years, but it's never been anything official... just a side thing. He and a buddy used to have a dealer's license, but it became too much of a PITA to keep up with (damn guv'ment!).

[Mathews2004]

I'll post up more info tomorrow. I'm a partner in a small lot. Mostly for fun and to switch around fun cars. I couldn't make a living doing it. Name a car you would like to buy at auction to resell and I will pull the real world numbers of what dealers pay for them at auction.

[cam76034]

Longtime buddy has years of experience doing this, but not the ebay style sale. His lots are the "we tote the note" type. The way they make their money is by selling to people who will almost always eventually miss a payment and car gets repo'd. Car gets sold again, payments fall behind, car gets repo'd.

Lather, rinse, repeat.

[XM_Rocks]

Longtime buddy has years of experience doing this, but not the ebay style sale. His lots are the "we tote the note" type. The way they make their money is by selling to people who will almost always eventually miss a payment and car gets repo'd. Car gets sold again, payments fall behind, car gets repo'd.

Lather, rinse, repeat.

Those can be very profitable... especially with small GPS transpoders these days.