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This business is perfect for individuals who are auto enthusiasts and who have a good business sense.Former sales managers and car salesmen are also good candidates for this type of business.
Dealerships typically have a difficult time selling to individuals with poor credit.
However, some dealerships specialize in hard money loans and “buy here, pay here” plans where customers with poor credit are able to finance a vehicle directly from the dealership through a special financing program, similar to “rent to own” payment schemes found in other industries.
A dealership makes money by selling vehicles above the dealer’s invoice price and by doing routine maintenance on vehicles sold.
Customers typically pay commissions on vehicles they purchase (which is bundled into the total sales price of the vehicle) and pay hourly or a flat fee for maintenance. These types of dealerships purchase used vehicles at auctions and mark them up for resale to consumers.
Our guide on starting a car dealership covers all the essential information to help you decide if this business is a good match for you.
Learn about the day-to-day activities of a car dealership owner, the typical target market, growth potential, startup costs, legal considerations, and more!
However, used car dealers often obtain their stock from the secondary market through auctions.
A dealer may operate exclusively online, but it’s still more common to keep a physical showroom to display the vehicles.
Insurance is highly recommended for all business owners.
If you hire employees, workers compensation insurance may be a legal requirement in your state.