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The most important part of Buying and Selling cars is Acquisition. Second you must prepare the vehicle, smog, safety check etc. Once the vehicle is FRONT LINE READY(ready to be sold) you must market the vehicle to buyers. For some of you, that is telling your friends and co-workers that your car is for sale, for others you must market the vehicle in the paper, through email, online and else where. We suggest creating a "Jacket" that will profile the vehicle as well as help you keep track of where you market the vehicle and what is effective. Include photos and any known information about the vehicle in this "Jacket." Finally, you must sell the car. Often price is a point of intense negotiation. This is why Acquisition is so important. The further below MARKET VALUE you Acquire the vehicle, the more "wiggle room" you have to sell the vehicle at a profit and move onto the next car.
It is important to know that you ar purchasing the vehicle BELOW MARKET VALUE, which will help you profit from selling the vehicle AT MARKET.
Take this simple example.You go to a DEALER ONLY auction and purchase a vehicle.
Market value of the Vehicle= $10,000. You buy it 25% Below market=$7,500($10,000 x .25 = $2500, $10,000 - $2,500=$7,500) . You will then be in good position to sell the vehicle at Market Value and make a good profit. The most important part is proper audition. Most dealers that buy at the auctions fall under two categories. Many dealers act as buyers for the general public. If someone comes to you and says, "I want a 2002 Mercedes Benz S500 and I am willing to pay up to $50,000 for it." You of course must qualify the buyer, but you go to the auction with specific cars in mind with certain price caps. If you stick to this model, as long as a buyer doesn't change his/her mind you are guaranteed to profit because you are only buying cars that are essentially already sold. The other type of purchases that occur at dealer auctions are on speculation. We recommend that you leave this type of buying to the pros as you start. Speculation purchases work this way, you see a car going down the auction line and it is 30+% Below Market, and you buy the vehicle hoping that you can sell that vehicle for a profit. It is important to note you must have a firm grasp of the Used Car Market before you begin buying on speculation. More info in NEW DEALER CHECKLIST
