ForumsStarting a Business

Up to All Forums

This Question is Not Answered

1 "correct" answer available (5 pts) 3 "helpful" answers available (4 pts)
1 2 Previous Next
Post a new topic
20 Replies Last post: Mar 26, 2008 3:25 PM by automoxie

Auto Classified Website (Need a business loan).

Dec 20, 2007 6:18 PM

Click to view automoxie's profile Professional automoxie 8 posts since
Dec 20, 2007

What a great forum this is. I've only been a member for a few hours and I'm extremely impressed with the helpfulness and professionalism that this community provides. I don't want to blow to much smoke, but I've been to many forums and none of them match your dedication or wealth of information. Thank you.

Now I didn't just come to this site to compliment everyone, I need some help as well. I've been an auto dealer for the last 6 years, I sell exclusively on the internet using all the different classified websites. Now my partners and I are ready to start are own auto classified website with many improvements such as equal opportunity listings (nobody can pay to be at the top of the list), more photo's, larger photo's, bulk upload, video hosting, local ad campaign, very cost effective, etc...

We have a business plan, and we have a marketing plan. We've talked to numerous dealers in our area and they've all expressed interest. We want to start local and spread to a national company with in 5-7 years. There are three partners with credit scores of 630, 660, and 710. We have no equity and need a loan for approximatly $300,000 - $400,000. Any and all suggestions will be appreciated.
Tags: business_start_up Report as inappropriate
Click to view CorpCons08's profile Mogul CorpCons08 1,128 posts since
Nov 14, 2007
1. Re: Auto Classified Website (Need a business loan). Dec 20, 2007 9:22 PM
automoxie,

My firm handles business financing, and negotiates with a network of preferred lenders.
I would be happy to speak to you about your venture and financing request.
You can email me at d.skolnick@skolnick-associates.com if you are intereted in speaking.

CC08
Report as inappropriate
Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
2. Re: Auto Classified Website (Need a business loan). Dec 20, 2007 10:19 PM
Auto, It sounds like you have all your auto's lines up. Have you gone to a bank YET??
With both a business plan, and a marketing plan, it should be easy.
It might help to have letters of intent from the numerous dealers in your area who have
expressed an interest. Good luck, LUCKIEST
Report as inappropriate
Click to view automoxie's profile Professional automoxie 8 posts since
Dec 20, 2007
3. Re: Auto Classified Website (Need a business loan). Dec 20, 2007 10:26 PM
in response to: LUCKIEST
We've been moving at a snails pace trying to make sure all our ducks are in a row. I guess we've been hesitant to move forward because I just didn't know if we've done all we can to be ready.
Report as inappropriate
Click to view automoxie's profile Professional automoxie 8 posts since
Dec 20, 2007
4. Re: Auto Classified Website (Need a business loan). Dec 20, 2007 10:28 PM
in response to: CorpCons08
CorpCons08, we would be glad to discuss it with you. I'll talk to my partners and send off an email. Thanks you.
Report as inappropriate
Click to view WEBillions's profile Mogul WEBillions 154 posts since
Oct 10, 2007
5. Re: Auto Classified Website (Need a business loan). Dec 21, 2007 3:53 AM
A great amount of money these days comes from angel investors. Do you know anyone that might want to help out?

If not, here is some loan info.

You likely won't be able to get an SBA loan for some time. Your business will need to be stable and profitable to qualify for an
SBA loan. You'd also have to put up basically everything you own as
collateral.

You should also consider an
asset-based lender. The interest rate will be a little higher because
they are more likely to loan to what they consider higher risk
customers.
Report as inappropriate
Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
6. Re: Auto Classified Website (Need a business loan). Dec 21, 2007 10:50 AM
in response to: automoxie
Auto, I am aQuickbooks Consultant and would be happy to talk to you and help you move forward.
You can email me at "pdeig@juno.com"
LUCKIEST
Report as inappropriate
Click to view automoxie's profile Professional automoxie 8 posts since
Dec 20, 2007
7. Re: Auto Classified Website (Need a business loan). Dec 21, 2007 11:34 AM
in response to: WEBillions
I appreciate all your responses and will send off a couple emails today.

WEBillions, how does an Asset-based loan work?
Report as inappropriate
Click to view wahoo85's profile Start-up wahoo85 1 posts since
Dec 21, 2007
8. Re: Auto Classified Website (Need a business loan). Dec 21, 2007 2:09 PM
in response to: automoxie
An asset-based loan is exactly what it sounds like--a loan (usually short-term) that is backed by a company's assets (e.g. real estate, equipment, accounts receiveable, trademark, etc.). See more @ http://en.wikipedia.org/wiki/Asset-based_loan and http://en.wikipedia.org/wiki/Asset-based_lending.

I work in the internet industry and, given the current funding environment, I doubt you'll be able to find angel/venture debt or equity funding without management that has experience running an online business. Also, most of the features you listed are available in a wide variety of self-titled "Web 2.0" classified sites (e.g. video listings).

If you are really an experienced auto seller, I have a business plan I can dust off related to online auto classifieds. It's not a classified site but it's a niche that is not currently being served and your experience with dealers is the part of the equation I do not have myself. If you'd like to talk more, send me your contact information.
Report as inappropriate
Click to view MDF2008's profile Mogul MDF2008 38 posts since
Jan 20, 2008
9. Re: Auto Classified Website (Need a business loan). Jan 20, 2008 1:21 PM
Hello,

I feel your pain;growing pains.

I have a couple pre-qualifying questions:

1. What is your budget for the completed website? Does that include SEO?
2. Are you outsourcing the website build? Datacenter? (DR)
3. Are you developing your own in-house software platform build?
4. What has been your gross sales for the last three year? (estimate)
5. Has your business plan been reviewed by anyone who understands your business model?
6. What is your strength and weakness as a company and partners?
7. What is your projected gross sales for 2008? 2009? 2010

I will have a couple solid suggestions once I get your reply.

All the Best. MDF2008

Report as inappropriate
Click to view blueboxer1's profile Professional blueboxer1 8 posts since
Nov 7, 2007
10. Re: Auto Classified Website (Need a business loan). Jan 21, 2008 9:45 AM
Where did you determine $300K to $400k will be needed for startup?

I hope that number you came up with is for advertising. You can have this site built for less than $100k. Easily! There are already scripts (pre built templates) that can be easily modified to your specifications. Search google for this term, you'll see: "car listing website script".

Once you find your script you can outsource the work (sorry to those who are offended) to other countries to modifiy the website.

You can post your project on scriptlance.com, elance.com, odesk.com, freelancerchina.com.

Your website will be entering a extremely competitive market. Cars.com, Autotrader.com, AutoBytel.com are just some of the big ones. And depending on your location, there are probably so local targeted websites as well.

Have someone in the internet marketing business review your plan to see if its feasible. You can do more research at:
forums.digitalpoint.com
www.sitepoint.com/forums

Please let me know if you need help with any aspects of your research, and I can usually point you in the right direction to find information.
Report as inappropriate
Click to view TGA000's profile Mogul TGA000 33 posts since
Jan 17, 2008
11. Re: Auto Classified Website (Need a business loan). Jan 21, 2008 9:52 AM
You sir are in the right place. In fact, I'm exactly the guy you want to talk to.

My background: http://www.IanAuto.com

I'm the first guy in the world to launch an auto repair quotes site! We grow by over 125 - 250 people per day.

So if you want something on line in the Auto Repair market... give a shout.

Here, call me.

Office: 630-566-9189
jonnyandrews30@gmail.com

Also, why would you want to wait 5-7 years? Depending on how you set this up, you could spend 1/10th of the money and explode in record time!

In fact, I was recently hired by a shop from NY to create something very similar to what you're talking about. We're in development now.

Jonny Andrews
Report as inappropriate
Click to view Capital2008's profile Start-up Capital2008 1 posts since
Feb 6, 2008
12. Re: Auto Classified Website (Need a business loan). Feb 6, 2008 1:34 PM

Hello,

I am an expert in creating Business Plan that will help you get a loan. I am also an investor in the Northern Va area. So let me know what you need. I have experience in Proposal management, brochure, newsletter. Basically my company is a marketing service provider. Please let me know how I can assist you in obtaining your loan. you can visit our site at www.capitalprestigegroup.com
Report as inappropriate
Click to view xenopod's profile Mogul xenopod 109 posts since
Dec 28, 2007
13. Re: Auto Classified Website (Need a business loan). Feb 6, 2008 3:47 PM
in response to: TGA000
Jonny:

Your profile says your office is in Chicago, but that phone number is a suburban phone number. So where are you based exactly?

Thanks

http://www.xenopodinc.com
Report as inappropriate
Click to view cashadvance's profile Professional cashadvance 4 posts since
Mar 19, 2008
14. Re: Auto Classified Website (Need a business loan). Mar 19, 2008 1:30 AM

Hello my name is Jenny Rivera,
My company provides business financing, working with a with a network of investors lenders.
I would be happy to speak to you about your financing request. Having both secured and unsecured lines of credit to help you start your business. Send me an email and I will also send you more information.

Thank you,
Report as inappropriate
1 2 Previous Next

More Like This

Most Recent Forum Posts

Starting a Woodworking business
59 minutes ago

Financial Independence with Zrii and HMG....
1 hour ago

Hiring a Maid Tips
1 hour ago

A Good Resume or A Good Blog?
2 hours ago

Legend

  • Open Question
  • Answered Question
  • New content since your last visit
  • Updated content since your last visit
  • Content you have read