Answers

1. Black Book
2. Dealerships
3. Autotrader
4. Yes, no. You need a wholesalers license to do what you're talking about.
5. This website.

Good luck out there.

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In addition to Madmanmoo's suggestions, some other sources would be local or regional auto auction houses and your local bankers and credit union officials. They may have repos to sell if they don't farm that work out.

Legislation has been passed in most US states and Canadian provinces to discourage "curbsiders" and those rules may seem a bit onerous if you want to sell more than a few cars a year. Your local DMV can give you licensing information.

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The best way to educate your self is try working in the auto business for a month if possible. Either at a new or used lot. Most people who appraise cars have been in the business for years or at least grew up in a family business that sold cars. Of course you could always read books like KBB or Black Book or Galves. The one thing you have tp know is the market. Which is why experienced people ussualy do the appraisal of cars and wholesale.

But you sound determined and who am I to get in your way. First depending on the state you would need to have a auction license. Some states don't require it because some have public auctions. Good luck with those cars. Secondly you would need to learn your state laws about selling vehicles because every state has different laws. When you learn the laws you will learn about lemon laws which may leave you responsible if anything happens after you sell the car.

Best way to buy cars is at the auction. Their you will learn how much cars are going for buy watching what everyone else is doing.

Once you sell a wholesale car you transfer ownership ( having the customer sign the title).

If you are just looking to buy a car in the paper for one price and than put it back in the paper to sell it for a higher price you won't be able to do that and make a profit. Sorry.

Good luck!

GP

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Make sure you have a source for service, cleanup, and fixup issues.

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You'll probably need a dealer's license to do this, which will require a place of business; otherwise you are a "curbstoner" and that can theoretically get you in trouble. Flipping once in a while? Well maybe, but by curbstoning you may be, in theory, cheating the state out of sales tax, so be warned. Also a disgruntled buyer could use this against you in court.

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All good answers. I'll add that you must report any profit as income to the IRS and your state tax agency. There's a strange misconception that if you only make a small amount of money in your side business you're not required to report it. If this would be supplemental to your regular job's income, no such exemptions will exist for you.

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To begin with I'm not a dealer and don't buy and sell cars either but I'll try and help out.

As far as what do you do about titling the vehicle it depends on which state you live in but you will probably have to obtain a dealers license to avoid being liable for sales tax on every vehicle that passes through your hands. Also a dealers license will allow you to attend dealer only auctions to find out the true wholesale price of various cars, and allow you to bid on them, and dealer license plates also gets you various privileges and exemptions regarding insuring and driving the cars.

Oops, I didn't see the previous answers so if I covered old ground I apologize, and maybe I added something useful

So step 1 is to contact your states motor vehicle office, tax office for a resale license, and whoever else might be required to obtain a business license. You should also contact your insurance company to find out what coverage will cost you.

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KBB.COM and as a user suggested previously, work at a dealership for a month or so.

Source: Kbb.com / edmunds.com

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look on internet and find the Wholesale Value. Check on kellybluebook.
com

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check the car on kkb.com and see what it is worth don't pay more than what it is worth and do minimal things to it to make it look better for when you re sell it. look in wheel deals, auto trader, and the news paper for local listings you can also look on craigslist.com for some steals.

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1. black book or NADA depends on what you are appraising and what region of the US you are in as well as different models bring more in some areas rather than others or vice versa. Like tx would probably sell more trucks and trucks would appraise more per say rather than in lets say ms, for just one example.
2. auction would be the best place to look for probably the least expensive price but u have to have a dealer's license to attend one of those.
3. auto trader(or similar), ebay is huge right now but very hard to get it started if you are dealing with just a few cars and usually really, really inexpensive cars do best on internet right now like around $2000 or $3000 or somewhere in that range. internet selling is a lot of prep work such as cleaning impeccably for photos, writing detailed descriptions, keeping up with bids, replying to emails, etc. the best advertisement that i have seen is going to be something like auto trader. gets the most turn-out with the least amount of prep work and money put into it. ebay is also kind of expensive along with all the other similar internet car sites.
4. dont have a lot of knowledge in this area but if my intuition is correct i would say that yes you would have to transfer ownership of car right after you buy or at least soon after but if you sold it right away you would still be the owner not the previous owner. title work can get kind of tedious depending on how many you are dealing with at a time and sometimes tracking them down can get kind of hard so be careful.

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Want to know the best way to end up with $250K buying and selling used car with no expierience?

Start with $500K

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try using kbb.com it helps a lot

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Black book. I see them at the dealerships and they send them constantly. I think they get a new one every month maybe every week.
I am told this is the best tool. The auction buyer for a BIG dealer in my area uses this + his instinct after being in the biz for 30 years.

I think god should have granted car and computer guys an extended life, it takes a lifetime to perfect and know everything - which is impossible.

This guy knew his stuff and swore by that book. Look for info on it. Might be too expensive to subscribe for you, so maybe KBB would be a better bet until you know what you are doing. If I were you, I would not sell them out of your house. People are nuts. If the thing goes haywire, they are likely to come back to your house and cause you trouble. Incorporate as soon as you can too. You are partially liable for selling anything that could cause others harm. Trust me, ...

INCORPORATE ASAP!

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use kellybluebook.com it will walk you thru evaluating a car's condition and pricing to sell or what the tradein value vrs privite party sell value will be.

Source: www.kellybluebook.com

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Be careful, "one ah shoot wipes out ten atta boyz". In other words, one bad deal can cost you the profits of ten deals.

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I did sell a couple cars from auction. It was after tittling, driving, and working out the kinks. Ive been through school for all types of car repairs and did the work myself in a shop with all the equipement

My first auction I attended was a a police auction. In the 80s a radio ad for these auctions for govt repossessed cars wiped out most of the good deals insiders kept to themselves.

Then in my search of classifieds, I saw banks having auctions. I got a good deal on a car needing a whole paint job and tires. It still smelled new and was one year old. I thought the miles might have been turned back. The engine had carbon all inside the oil cap and over all the parts inside the engine. It lasted about 10 years before the main bearing spun. I replaced that one bearing and drove it for another 2 years and sold it for a little less than what I paid for it.

Another auction was in Texas a 6 hour drive from my house in Tenn. I flew down and bought a excellent condition Tempo that wasn't getting bid too high. I pulled out of the motel parking lot at 5AM in the morning and the oil light came on, I thought for a second, then noticed a trail of oil leaving my parking spot . The oil filter had exploded. I checked back in, then got a filter at an Autozone up the street and installed before check out time. I made it home when it blew off again a few months later. A piece of plastic was stuck in the relief valve of the oil pump. I drove it for a few years before selling it for about what I paid for it.

My last car was my neighbors He gave it to me. I put $500 into it for engine parts and a new seat. It was in great condition, but old. I sold it a month later for $1000.

It helps to find maintenance free cars if you got capital but no infrastructure. A business address with an office seems more legit. You could buy the cars for wholesale and sell to your clients for a markup from the local auction. I hear and see businesses in my area do this more and more. You got to know something about your product(cars) or how to sell.

Good Luck.

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The best way to make money in the car biz right now is to buy junkers from peoples yards. Then cut the cat converter, radiator, condenser, battery and maybe even aluminum wheels off. Then head straight to the crusher, scrap metal is at an all time high. Oh yea don't forget to short out the wiring harness to burn the insulation off so you are left with pure copper.

No headaches, no tax man, no mad friends or neighbors and no lemon laws.

$50.00 investment.......$500.00 sale........net profit $450.00 per car. Any car man would be happy with that margin.

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I didnt think of that. Ones man trash is another mans treasure.

I guess you throw the tittle away so theres no paper trail too? If you get one.

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to get your wholesale license go to:https://mv.dmv.ca.gov/olinq2/welcome.do

Here you will get all information on how to apply for a wholesale license.

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You are going to have to find someone to learn from locally. There is no other way to do it... unless you want to lose a lot of $$$. Since 1993 I have personally bought and sold 36 privately owned vehicles for my wife and I to drive. We have not lost one dime on any of these vehicles and we never have to make traditional down payments. In 1992, while living abroad in England I met Steve Meadows of SMT Cars. During the course of our stay in England, Steve and I became great friends. I detailed over 100 cars for him. It was some of the easiest money I’ve ever made and the best education I could have hoped for. He taught me everything he knew about the used car business. Over 21 years of specialized knowledge, almost all self-taught. I learned how to buy vehicles from new and used car dealers, auctions, estate sales, fleet sales, repo’s and private individuals at good wholesale prices. On the other side of the business, I learned how to detail cars for sale appeal. These techniques I learned about can (not always) add $600.00-$900.00 worth of retail value to almost any vehicle.

Here's what you are going to need to learn:

1) Pricing - local, real world pricing. T

2) Advertising - Apart from good pricing, this is the biggest challenge you'll face when selling a car. When you get your car retail ready you'll need to get your phone to ring with a serious buyer. I never spend one dime on traditional advertising. It's a JOKE!

3) Collecting the check - This is the fun part. Your buyer will be happy. You will be happy. Get real, get focused and go find someone locally that will teach you.

Source: 

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