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Old 10-25-2012, 02:12 AM   #1
Paul
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Member#: 56203
Join Date: Feb 2004
Chapter/Region: Tri-State
Location: south nj
Vehicle:
00 RSTI Coupe
Twin Scroll 2.5XTR EJ207

Default NJ Dealer License questions

Im looking into getting a dealer's license in NJ for a job/career. I started this thread to see if the its a successful/unsuccessful business. What Id like to do is buy cars at dealer auctions at wholesale price. I would then clean up/fix/maint/ect and sell the cars to the public at retail.

At first I'd like to do this small time and just out of my place until I had enough business to get a lot and make it a legit small used car lot.

After some quick googling it seems like cost to get a license is about <500$. On the NJ site it says you NEED a lot, sign, and office with phone line, desk, ect. Thats where overheard gets high along with risk. I would like to avoid that at first.

Just wondering if anyone could give me some pointers and if the money is worth it.
thanks
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Old 10-25-2012, 08:31 PM   #2
ChruiSSer
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Member#: 54777
Join Date: Feb 2004
Chapter/Region: Tri-State
Location: Jersey
Default

Two things to think about:

1) Insurance

2) in the tri-state area you have the most "dealers" per sq. mi. than anywhere else in the country. Especially more densely populated areas like LI. Competition is fierce.

Also keep in mind that getting cars at auction usually means it was someone else's headache. Clean cars are typically new car dealer trades, which they usually sell. I'd recommend working for a dealer, if you don't have prior experience, to get a taste of what the automobile retail industry is really like. 99% of customers come in with KBB print outs of what you paid for the car, an expect you to not make a profit. Just my 0.02
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Old 10-25-2012, 09:02 PM   #3
Mike Costin
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Member#: 131787
Join Date: Nov 2006
Chapter/Region: Tri-State
Location: Sandy Hook
Vehicle:
06 STI,OB,OME XJs
Merkur Junkyard

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They make it tough to get that 5-pack of dealer plates these days

Doing it for the purposes of conducting legitimate business?? Why that's unheard of!
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Old 10-25-2012, 10:21 PM   #4
Paul
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Member#: 56203
Join Date: Feb 2004
Chapter/Region: Tri-State
Location: south nj
Vehicle:
00 RSTI Coupe
Twin Scroll 2.5XTR EJ207

PWN3D

Quote:
Originally Posted by ChruiSSer View Post
Two things to think about:

1) Insurance

2) in the tri-state area you have the most "dealers" per sq. mi. than anywhere else in the country. Especially more densely populated areas like LI. Competition is fierce.

Also keep in mind that getting cars at auction usually means it was someone else's headache. Clean cars are typically new car dealer trades, which they usually sell. I'd recommend working for a dealer, if you don't have prior experience, to get a taste of what the automobile retail industry is really like. 99% of customers come in with KBB print outs of what you paid for the car, an expect you to not make a profit. Just my 0.02
1)Insurance was a given and not as expensive as I thought
2)I figured competition would be high thats why I need to know if the pay off is worth the risk. I hate driving/being in LI so Id avoid that area

I wouldnt buy cars at KBB value, Id sell them at that value.
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Old 10-26-2012, 12:20 PM   #5
treborfrank
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Member#: 279039
Join Date: Apr 2011
Chapter/Region: Tri-State
Location: North Jersey
Vehicle:
2007 STI Stage 2
SWP

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you can make money, you just have to be patient and really good at detailing. my fathers friend does this on the side.

Buy an older car that needs minor fixing but a car that is FILTHY for a few hundred. Clean it, buff it; basically polish the turd up real good and you can turn around and sell it for 1500-2000. You can make decent money but the overhead is whats going to kill you.
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Old 10-26-2012, 11:50 PM   #6
Jimpreza
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Join Date: May 2004
Chapter/Region: Tri-State
Location: New Jersey
Vehicle:
2003 Wagon

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other than state registration and fees, to be a dealer you need to prove to a state agent that you have a car lot with office/showroom. it needs to be a certain size lot/facility as well
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