I'm thinking about starting a sideline auto broker business and am looking for advise and contract examples. I recently got burned by a seller and am trying not to get burned again. If you are a broker, just PM me.
What do you mean by broker? Like, having a car lot and selling other people's stuff for them? I've heard of a couple, but I don't know of any that I have any kind of respect for. There are a few that troll Craigslist all the time, offering to sell your car for you for a fee, but it's a scam. Country Classic Cars in Staunton, IL comes to mind too, but again, he has a terrible reputation. One of the problems that the guy in Staunton has is that he has sellers bring cars over, stick a big price tag on them, and then leave. That way, they either get their big money, or they get free parking/storage. Also, I think he relies on the seller's description to be honest, and has a lot of problems with unhappy buyers who find out about undisclosed problems. I'm curious to know what your plans are as far as this business, how you would like to set it up. I just don't know where your business is going to come from, since good deals sell pretty easy without any help, and junk/overpriced stuff won't make you any money. Not trying to discourage you, since selling an old car can be a lot of work, and I'd pay a commission to have someone do it, if I knew anyone I could trust who would actually do the work.
I'm talking about someone who has a customer come to him looking for a specific type of vehicle or a seller who comes to him that needs to sell a car. Also someone that does vehicle inspections for a buyer. Strictly a one on one deal. I definitely don't want the "used car salesman" moniker.
Well. I kind of do it. I go out & buy ( you got to know what will sell ) and resale . And yes , people do ask me to try & find stuff for them. I've made decent money . You got to know what is hot or you will be a owner of a salvage yard. Takes $$$$$$ to make $$$$$ good luck & if you need me to find you a car just yell. Don't mess with imports or fleabay
Just use the old Standard 30 / 30 warranty 30 feet or 30 seconds. "As Is Where Is No Warranty Either Expressed Or Implied" They are are buying a used antique hot rod car, not a Certified preowned Lexus = lol If some one wants to commission you to restore a vehicle or to certify that it is what it is the car must be torn down for a complete inspection. I tell them we should inspect the car & go from there. We normally suggest a compression test. Then a re-gasket kit & valve job to start with, go thru the starter & alternator - Generator After awhile the car is on it's way to a resto There is lots of little nit picky thing to go over on a # matching car. Anyone of them can cause you a headache with your customers. I source cars all over the country for people they are happy when you find them the right one, It may take 3 -6 months to find it. More likley you will never find what they want for the price they want to pay. Just have a stack of Hundies & drive around out in the country, knock on the door of an old farm & inquire what they have in the barn. More often than not you will be surprised what you can find, they will even tell you about there buddies barn full of Relic's Be sure to have at least 10k on hand you never get a second chance for a 30K car for 10K or at least seldom have a second chance. Remember 1 thing "Cash Is King" especially in this economy.
I've been in that business for 37 years. I have a brokers license, a Wisc. dealers license, a wholesale license, and a registered auction license. Check your state laws because you can't just roll out of bed one day and become an auto broker. My best advice would be to find something else to do, trying to do it as a sideline will just get you in trouble, and when I say trouble I mean the paying big fines and going to jail trouble. 37 years and I never had a problem with the state of Wisc. But again it's a very complicated business. If you have never sold cars I'd recomend getting a job at a dealership ( New or Used ) first and see how that goes. Everyone thinks it's quick easy money and the truth is that auto sales has a first year mortality rate of 95%.
Contact Wil at Sakowski Motors ("sakowskimotors" here). This is kinda what he does. Maybe he can shed some light on your question.
I'm talking about someone who has a customer come to him looking for a specific type of vehicle or a seller who comes to him that needs to sell a car. Also someone that does vehicle inspections for a buyer. ****************************************************************** Kind of a guy that stands between two dickering parties and relays $$ from one to the other, keeping a like percentage for 'mediating'. That is called a 'lawyer'. Add white shoes and belt and it is called a 'car salesman'.
Hi There are much much much much easier ways to make money. If you do this with classic cars, you better love them and be ready and willing to take a beating. It is real easy to make a couple of buck on a car a couple of times a year... To do it for full time, is incredibly hard. It takes most people about 10 years to make a real profit, and most don't make the first year. Believe me now or later. But, if you love old cars enough to suffer for it, you can meet tons of neat people along the way. Really, it is the wrong business to get into unless you already have a large fortune you want to turn into a small fortune. This was my and most people's largest underestimation. Most successful people in the business do it for fun and because they just need the "right" place to "put" their money. Unfortunately I don't fall in that category. Luckily, I started it 16 years before I had a family to support, now I finally am getting the hang of it now on 20 years messing with these things. p.s. Make sure you have great insurance = about $600 a month, no matter what you do, or you could be paying out most of your future profits and income for the rest of your life, and then the insurance is no guarantee... But it has been a great adventurous life and no complaints, just you better not be in it for the money. Best of luck with whatever you do. Wil Sakowski www.ridefree.com www.sakowskimotors.com Do yourself a favor, and keep it as a hobby would be my sincere honest Hambhelpful advice.
I've been messing with this off and on over the last 5 years or so. For me it's easier to do with under $3000 dollar late models than classics. Classic cars just don't sell as easy, But everyone is looking for a cheap reliable daily driver.
i flip cars all the time, but i know what not to buy. i do it on the side, and mostly with later model cars. classic cars are tough as stated above. too many variables and too few buyers.
It's a hard row to hoe, thats for sure. like sakowski was saying in his post. you have to insure the hell outta yourself. if anything, and i mean anything! happens to a consigned car, you're in for a world of hurt!
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