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Thinking of starting "Auto Broker" business...

KBW

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I already have several models in mind but what if any models would any of you suggest? To add my cousin already is pretty successful doing this in Iowa/Illinois and I am graduating next month doubling in accounting/finance so I can handle that part to save a good bit of money. My dad is interested in helping me fund the whole thing at the beginning and he has already agreed to buy one of the first cars. I have another business that is combined with my father's that takes minimal time from either of us so I don't have to make much $ at the beginning. This is just basically what down the road could turn into my dream career if done right.

So far for my first car I'm going to get my cousin to help me acquire an R8 (not the one my dad will buy he doesn't like them) and I'm going to go after a Ford GT or ZR1 for my father. Lots of interest in the area and the nearest dealership for cars that I'd carry would be about 180 miles away in Atlanta yet I see a Ferrari, lambo, or Bentley every day. My good friend already has a customizing shop (mainly interior upholstery, custom woodworking, and high end auto audio as well as the usuals such as wheels/tires) and he'd be willing to help me out. My dad owns a "showroom" that would need some work but is currently empty, plenty large enough, and in a prime location. My dad has offered to give me basically a new truck with enclosed trailer more than large enough to carry 2 cars and I could offer one or two free trips to be serviced and offer a reasonable fee after that as well as free delivery across the southeast after purchase. My cousin is coming down for thanksgiving (he has a website that I don't currently have showing all of the cars that he has or has sold) to talk to me about it and he claims at least that he can get me connected with several makers. I'd do some not so ridiculous cars that are extremely hard to get in the area as well such as Audi S5's, BMW M6, Nissan GTR, and maybe carry a few older motorcycles (from all classes ex ducati, harley, indian, etc). I have a lot of ideas already for ads and events.

My cousin has sold just about everything and claims at least that he'll help me out as much as I need. I'm sitting on one of the largest lakes in the southeast and am interested in maybe having a few (literally a few as I know these wouldn't move too often but I'd like to have them nonetheless) powerboats as well as just a few custom choppers or just showcase a few for a guy in town who sells his all over the country. I'd also always like to have at least one old show condition muscle car on property.

Once again as of now this IS NOT about making money but I need to do a little better than breaking even and eventually work it into a profitable business. I can handle the accounting and financing and would have very little expense other than the great expense of the inventory (most of which after I got settled would be sold before arriving) and the immediate expense of renovating the property but the structure itself is in great condition and was recently inspected so that would save some cost.
 

Lucky7

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Get into something recession proof. Get a dealer's license, and use it to buy cars for yourself and friends as you see fit.
 

oceans11

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I wish you luck my friend. Depending on what state you're in, it's not all about the "buying of cars" & stocking your warehouse or lot. You have to get license & bonded as a broker, take a test (which is the easy part I heard). You have to show evidence of "brick & mortar" or an actual retail/commercial space to house or lot the vehicles. Once you get past all the formalities however it seems like a very fun business.

For most of us guys, buying & selling exotic or luxo sedans is not even work, it's play & fun! So I wish you luck!
 

KBW

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damnit..I just posted a long message and accidnetlay pushed back before finishing and it erased my entire message. To make a long story short I am buying the cigar bar that we opened our business at tonight (pics to come tomorrow afternoon). We sold our first car (black/grey R8) which my cousin helped us get. I am giving him my PAM 270 as a thank you. The R8 will be delivered friday or saturday and I will post pics from the cigar bar tonight of our business opening and of the R8 by tomorrow night. We have a what I feel are several incredible ideas. We already have 3 (on top of the R8) agreed sales of cars that we can relatively easily obtain. We have a Red/Silver GT coming that my father has already paid for which should be in by the middle of next month. My cousin is making 15% off of these first sales (not including the PAM 270 he expressed interest in) as he is the reason we are getting the autos. After a month or two we should be able to obtain a few different autos on our own.
 

unjung

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It took you less than 24 hours to go from concept to first sale and expansion. You, sir, are impressive. I will send you my resume as I'm sure next week we will hear on the news that you've purchased GM and Chrysler.
 

Southern-Nupe

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Originally Posted by KBW
damnit..I just posted a long message and accidnetlay pushed back before finishing and it erased my entire message. To make a long story short I am buying the cigar bar that we opened our business at tonight (pics to come tomorrow afternoon). We sold our first car (black/grey R8) which my cousin helped us get. I am giving him my PAM 270 as a thank you. The R8 will be delivered friday or saturday and I will post pics from the cigar bar tonight of our business opening and of the R8 by tomorrow night. We have a what I feel are several incredible ideas. We already have 3 (on top of the R8) agreed sales of cars that we can relatively easily obtain. We have a Red/Silver GT coming that my father has already paid for which should be in by the middle of next month. My cousin is making 15% off of these first sales (not including the PAM 270 he expressed interest in) as he is the reason we are getting the autos. After a month or two we should be able to obtain a few different autos on our own.
The Ford GT is one of the better investment pieces available right now. I usually state that it's difficult to consider a modern auto as an investment, but those cars have done nothing else but held steady or appreciated in value since 2005-2006....especially the Heritage additions.

Were you able to get the R8 at cost? In the Houston area dealers are still tacking on a pretty penny.

I wish you best of luck, I've often daydreamed about auto brokerage, but business sales are not my strongsuit.
 

KBW

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Originally Posted by Southern-Nupe
The Ford GT is one of the better investment pieces available right now. I usually state that it's difficult to consider a modern auto as an investment, but those cars have done nothing else but held steady or appreciated in value since 2005-2006....especially the Heritage additions. Were you able to get the R8 at cost? In the Houston area dealers are still tacking on a pretty penny. I wish you best of luck, I've often daydreamed about auto brokerage, but business sales are not my strongsuit.
My cousin already had the R8 after his sell to another customer fell through. I called him and told him i had someone interested and offered me the car at his cost to help me get started. Had my brother in law fit it with new wheels/tires (customer request) and delivered it with a large profit. I did give my cousin a small gift plus my PAM 270 (valued ~16K) as a thank you. In all the excitement my only photos are shitty iPhone but the customer is sending me professional photos as soon as he gets them. The audi dealership here in town still is not able to acquire R8's at all and most others have a long waiting list so even with giving my cousin the watch I made a nice profit. My cousin has helped me quite a bit and I already have my father's car set-up to be delivered as well as two others that should all be done by the end of Dec to Jan (possibly more by then I'm working on it all day). I'm meeting up with my cousin for a quick fishing trip in two weekends and hopefully will get a lot more done and learn a lot more. I'm also going after two different cars for myself (will only keep one and will sell the other immediately). Cigar bar fell through but I may become co-owner. To edit my cousin did not accept the 15% so I gave him my watch and another small gift.
 

KBW

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Originally Posted by quinnk
It took you less than 24 hours to go from concept to first sale and expansion. You, sir, are impressive. I will send you my resume as I'm sure next week we will hear on the news that you've purchased GM and Chrysler.

I just "started" it per se but I've been talking up my cousin on it for a long while (I'm sure I've mentioned the thought on here in the past) and he notified me of the R8 sale that fell apart and I had it sold so he offered me the car to help me start. I'll post the pics I have from the cigar bar in a second even though that looks to have fallen through.
 

dpw

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suggest you write a business plan before you take the plunge. check out nxlevel.com (non profit) largest small biz training group in the world dedicated to helping budding entrepreneurs. i am sure they have classes in your state. good luck.
 

KBW

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Originally Posted by dpw
suggest you write a business plan before you take the plunge. check out nxlevel.com (non profit) largest small biz training group in the world dedicated to helping budding entrepreneurs. i am sure they have classes in your state. good luck.

I have plenty of help there. My cousin is helping me adapt his business model to what I want, my father is working with me in the beginning, I've helped him run his company for years, and I'm graduating in May doubling in accounting/finance and have already been accepted to several MSA programs that I'll probably take at night 2-3 days a week before becoming a CPA. Thank you for the recommendation though...I need all the help I can get


Ended up having a few people over and wasted too much time today to get anything done
 

binge

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How can you even think about starting a business in this high-tax environment?

I remain, in my 1040,
Fran
 

bkk

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Ironic, I was thinking of starting a similar business as a part time venture (an agent to negotiate car prices for customers). I'm definitely subscribed to this thread. Good luck!
 

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