KrazyistKarl
Active member
So NS I'm looking at starting a small used car lot to gain some passive income and I'm looking for some input.
I have accese to a 37x110 foot lot on a busy main street in my city. This lot is adjacent to a residential rental property my dad owns, which I could use as an office, but I'll most likely modify a seacan and have it on my lot. So far iv looked into the steps of aquiring a dealers license in my province and with my lot I'll be able to meet all the requirements as soon as I have an office and a sign. I have friends willing to work part time as car salesmen (thay have sales experience just not with vehicles and are very knowledgeable with vehicles)
Where I'm lacking info on is used auto dealer insurance and bonding requirements, I haven't talked to an insurance agent accountant or lawyer yet as I'm still at work up north for a while. My dad deals closely with a few of each for his business and personal matters and I personally know them all.
Some more info: I'm hoping to incorperate for tax reasons and limited liabilty. I have a steady job bringing in decent money each month, good personal credit (hoping to gain business credit through this venture) I have zero personal debt and around 20k investment capital. Realistically I'm looking at a 3-6 car inventory as I'd like to use as little borrowed money as possible.
Does anyone have any experience with used car sales, having a dealers license or even business advice for me before I get started? What are some popular vehicles I should include?
Thanks NS!
I have accese to a 37x110 foot lot on a busy main street in my city. This lot is adjacent to a residential rental property my dad owns, which I could use as an office, but I'll most likely modify a seacan and have it on my lot. So far iv looked into the steps of aquiring a dealers license in my province and with my lot I'll be able to meet all the requirements as soon as I have an office and a sign. I have friends willing to work part time as car salesmen (thay have sales experience just not with vehicles and are very knowledgeable with vehicles)
Where I'm lacking info on is used auto dealer insurance and bonding requirements, I haven't talked to an insurance agent accountant or lawyer yet as I'm still at work up north for a while. My dad deals closely with a few of each for his business and personal matters and I personally know them all.
Some more info: I'm hoping to incorperate for tax reasons and limited liabilty. I have a steady job bringing in decent money each month, good personal credit (hoping to gain business credit through this venture) I have zero personal debt and around 20k investment capital. Realistically I'm looking at a 3-6 car inventory as I'd like to use as little borrowed money as possible.
Does anyone have any experience with used car sales, having a dealers license or even business advice for me before I get started? What are some popular vehicles I should include?
Thanks NS!
