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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Setting Up a Used Car Motor Trade Business
The used car industry is one which is consistently in demand and especially in a time where new car sales are plummeting. This means that setting up a used car motor trade business could be very lucrative and rewarding, but how do you go about doing this? Read on to find out.
What Do You Need?
Anyone can set up a motor trade business if they have the capital. A sound knowledge of cars and vehicle mechanics is beneficial but not essential. You will require the funds to purchase your first vehicle, an internet connection to advertise and motor trade insurance (this is a legal requirement).
Most people start out trading from their home which can be a great way to save money. You will also need to apply for trade plates - these save you from having to tax and register each car that your temporarily own. Once you have completed all of this and registered as a sole trader you will be ready to start buying and selling.
Buying
You can’t sell cars if you don’t have one for sale. You will, obviously, want to get a great price for the car, so consider looking at auction houses, listings websites and reputable dealerships like Motorpoint. As you would when purchasing for yourself, always thoroughly check over the car, take it for a test drive and obtain a vehicle history check. You may be able to negotiate a lower price too.
Advertising
The key to success when it comes to motor trade is quality advertising. It is worth setting up your own company website where you can advertise your cars, answer questions and arrange test drives. In addition to this, you could list vehicles on numerous car listing websites and in the local paper. High-quality photographs are crucial.
Resale
It is important to make the vehicles as enticing as possible, so detailing is an important step. In terms of pricing, you will want to turn a profit but be sure to look at existing adverts and use online valuation tools to reach a fair figure. Be prepared to haggle with interested parties. Always encourage a test drive, tell them about the car and provide all the proper documentation and a receipt after purchase.
The used car industry is one that is constantly in demand - this means that setting up your own dealership could be lucrative even if it is in your spare time. The above information should anyone to get up and running.
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