I would be interested in doing this on the side to make extra money (if its worth it and business wise). Does anyone do this? From what i have heard repossesed (late model) vehicles are auctioned off really cheap, so it seems like one could really profit from this if they purchase such vehicles then sell them for what they’re really worth. Would I need a certain type of license–I wouldn’t want to do anything shady.
Originally posted 2008-12-22 15:13:39.
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To buy and sell vehicles, you will need a dealer license. Check with your state MVA for the requirements. You also need to realize that if there was a way to make a lot of money buying repos, dealers would already be buying them. Repo cars may be a bit cheaper, but they also usually need a lot of work.
It is a good thing you want to do it legally, but do some serious research before you do this.
To see how lucrative it is, you only need look at all of the used car lots in any given city. Cuzz that’s what they do.
The best way to do it on a small scale would be to obtain a dealer’s license, buy cars that need a little bit of mechanical work, do the work, and then sell them. Get some detailing equipment, and spend time dusting out the cracks, and buffing the outside, and you can increase your resale value that much more. Start with one car, and go from there.