Friday, January 10, 2014

How to start your own pre-owned luxury car dealership

Deciding to open a pre-owned luxury car dealership can be a financially rewarding, life-changing event. People who can afford to drive high-end cars but don't want to pay the full price will seek a good deal on a used one. Once you complete all the financial and legal paperwork, find a location, acquire inventory and furnish your office with workstations and ergonomic chairs for your employees, you can begin. Here are some tips to help you make money selling pre-owned luxury vehicles in Miami. 

Secure financing

Make a trip to your local bank or credit union and speak with a representative who knows what type of financing you can receive. Determine how much investment capital you'll require by calculating the cost of vehicle inventory. Also add in the initial operating costs for six to 12 months.

Acquire a license to sell

Complete the application paperwork required by the state of Florida and make sure that your business meets all zoning regulations for Miami. According to DMV.org, all dealership licenses must be acquired through the Florida Division of Motor Vehicles. Contact the Florida Department of Highway Safety and Motor Vehicles to obtain all the required zoning paperwork.

Find a location

Work with a real estate agent who can help you find the best locations in Miami for the right price. Decide if you want to lease or purchase your commercial space. Look for a site that has office space and an outdoor lot to display your vehicles.

Hire staff

Place an ad that says you are looking for workers. Recruit sales staff to help customers make purchases from your dealership. If you offer financing, hire a financial manager who can assist clients with loans.

Acquire inventory

Visit auctions run by local government and law enforcement. Banks also hold auctions for vehicles seized as a result of criminal activity, nonpayment or repossession. Many vehicles sold at these auctions cost well below their Kelley Blue Book value.

Furnish your office

Purchase sturdy conference tables and put them in a room where you can hold team meetings, discuss sales strategies and privately meet with potential business partners. Consider buying custom workstations and ergonomic chairs to keep your staff as comfortable as possible while they fill out paperwork or are taking a break.

Promote

Put some of your best inventory out in front of your lot to attract customers. Make your business visible to the public by placing ads in the local paper or putting flyers displaying deals near public locations like transportation hubs, marketplaces and libraries. Use the power of social media to reach a global market and boost your sales even further.

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