Hello yahooligans i need to know how to get a dealerships liscence any help or positive input would be great?

Question

I want to sell cars or maybe own my own car lot but i need a dealerships liscence in order to get the cars in large quantities Im only 18 but i always do my research time ahead .

Answer 1

The best information is going to be your state's motor vehicle department.
In Wisconsin, you need a $50,000 cash bond, a permanent location with office and outside display space, and a shop or a written contract with a shop for repairs.

Plus there is the insurance, reccommend 1,000,000 in liability MINIMUM (we have $3M here), worker's comp insurance, company costs (LLC,LLP,INC,etc) and sales taxes.
And unless you are financially independent, you will need a bank to floor plan you. That is where the real problem comes. We are talking the most gruesome credit check you will ever find, and they won't even look at you without a business plan.
All in all, it took about 3 months and $35,000 to start the dealership I work at. That is including shop and shop equipment, office equipment, and cars.
And if you hire workers, you have unemployement, more taxes, Social Security, health insurance,shop equipment ( we just bought a $4,000 scan tool), uniforms.
It costs us right around $7,000 per month just to keep the doors open, which we have been doing for 4 years now.
Ya really wanna do it?
If so then best of luck to you!

Answer 2

Well, first you need to go work at a car dealership and see if you even like the work. Secondly, no bank is going to lend you money at age 18 to pursue your dream. You need a business plan, education, and also experience in the car field in order for that to happen. It is very unlikely that you can ever buy a car dealership because of the expense. Some cost millions. Your better avenue would be to open your own used car lot. You can buy program cars at the car auction and resell them. Most $$$ is made selling used cars and not new ones anyway. Go talk to your local car dealer today to see what kind of job you can get with them. You need the experience to see if this really is your dream.

Answer 3

Best to start out as a salesman or wholesaler, buy and sell some cars at auctions or private party to some used car lots, get to know the ins and outs and learn from some other used car dealers if you can. Write up a business model of what you want to provide and how you want to go about doing it.