There are several options for financing, including loans and seeking investors.
Before pursuing financing, it's important to make sure that your own finances are in good order.
A business plan should include an analysis of your industry, your local market as well as projected financial returns, including when you expect your business to break even.
A business plan serves multiple purposes: getting your business ideas out on paper can help you to identify challenges and weaknesses in your plan.
In addition, by running financial projections, you can determine whether your revenue model is a feasible one.
You should also be aware that investors and lenders will want to see a business plan before deciding to work with you.Although automobile sales experience is desirable, salespeople who have sold other big-ticket items, such as boats or expensive jewelry, may also be prospects.Each salesperson must contact your state’s Motor Vehicle Administration for licensing requirements.Call vehicle owners who have “For Sale” classified ads in local newspapers, vehicle trader publications and online trader websites.Travel to local or regional vehicle auctions to purchase vehicles in good or better condition.Although state regulations vary, you must satisfy criteria relative to building size and location, signage and operating hours.You’ll also need to post a state-determined surety bond. I had a client who started a car sales business two years ago and they are out of business now.They had a big space leased, approximately 500m2, most undercover, and approximately 30 vehicles, most late model second hand.You’ll need a general distinguishing number, which identifies your dealership in the eyes of the state.You must meet several stringent requirements to receive this number.