A Guide to Buying & Selling Cars Successfully

May 8, 2017   Business Advice, Featured Posts

If you have an entrepreneurial spirit then there are countless ways you can make money. One of the best ways to make money if you have a passion for cars is by buying and selling them. Although buying and selling cars for a living certainly isn’t easy, if you’re good at it there’s great scope for growth and long-term success.

In the guide below you’ll find information on the most important practical considerations as well as some of the biggest keys to success.

Practical considerations

Below are some of the main practical things you’ll need to take care of in order to make your venture a success –

  • Premises – Although you can certainly start out selling on a small scale from your home, in order to scale your business properly, you’ll definitely want to invest in a premises sooner rather than later. When it comes to finding a good business premises, there are certain key things into consideration. The most important of these are location, security and cost. Weigh up these factors and decide if a location is right for the type of business you want to run.
  • Insurance – When you’re dealing with a lot of cars on a regular basis, you’ll need to get a motor trade insurance policy to ensure you’re properly protected. Motor trade insurance will protect you for road risks as well as fire, theft and liability claims, depending on the level of cover you get. It’s always a good idea to get multiple quotes when you’re looking for motor trade insurance to ensure you get the best deal.

Keys to success

Below are some of the best ways to succeed when buying and selling cars –

  • Know where to buy – When buying and selling cars, the key to making a good profit is buying low and selling high. This principal of course applies to most kinds of businesses that sell products. In order to get cars at the best price, you should diversify where you buy from. Buying privately is always a good bet but you shouldn’t neglect other options, such as car auctions too.
  • Make security a priority – When you’re selling something valuable such as cars, you need to make security a priority. You should take steps to make your premises as secure as possible, including having an alarm, security lights and CCTV installed.