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    6 Replies Latest reply on Apr 18, 2008 3:02 PM by indpndt

    Car Brokerage & sales

    pureness Newbie
      Looking to get a loan for a start up car broker. Main focus of the business is low overhead, with precise networking and marketing abilities. Great business plan with realistic projections, with humble grow willing to grow as successfully possible. My credit is O K, I pay around $1500 a month in rent, with a steady income. What steps or hardships are necessary for me to obtain a Line of Credit or loan of $100k.
        • Re: Car Brokerage & sales
          LUCKIEST Guide
          Car Brokerage, Welcome to this web site. Tell us more. On the Members page, tell us
          a few words about your idea for a start up as a car broker.
          Who are you, Where are you, What have you done in life??
          Do you have Security?? Can we see the business plan??
          and more, LUCKIEST
          1 of 1 people found this helpful
            • Re: Car Brokerage & sales
              pureness Newbie
              Very Early stages of this business. I have been involved within car sales for 2 years now. Started my passion of cars with a High-End car dealer who was Low Overhead with the focused market online. Virtually no foot traffic, most traffic derived from the website. I worked directly under the owner and learned almost every aspect to run a low overhead internet focused dealership. I also have experience helping 10 + car dealerships advertise they're inventory online. My time not only has been spent updating there website, but observing how business is ran. I understand the difficulties for this local market to find quality used cars. I have driven over 2000+ cars and am well versed in different makes and models, the upsides, downsides, and competition. I mentioned passion for cars, this is an understatement.

              My goal is to provide the local market with quality used cars whether it be a dealer sale or retail. Brokering of HIGH-END car is a source of cash flow while my 1-4 cars in stock patiently wait to sell (depending on location). Focused online advertisement and other tactics will be used to generate website traffic.

              Business plan is not concrete yet, as were trying to piece some aspects together such as location. Possibilities of location can range from a small office with 2-3 parking spots, or a small to medium size warehouse with the goal of a large warehouse as permit residence 2-3 years down the road.

              Location Washington, but our market is focused nationally.

              Again, is a line of credit or loan my best option. Private loan?
                • Re: Car Brokerage & sales
                  LUCKIEST Guide
                  pureness, Thanks for sharing so much. Like you, I also have been involved with Saab's for
                  over 20 years. . I have driven a Saab both used and new since 1977 (all of them stick shifts and most turbo's). I also have this passion for Saabs with two beauties in the garage.
                  Part of the Business Plan is researching line of credit or loan. I would be happy to review and
                  help you complete the Bus Plan.
                  Good luck, LUCKIEST
                    • Re: Car Brokerage & sales
                      pureness Newbie
                      Saabs are beautiful cars. Nothing is better then a loyal fan to such a great manufacturer. By summer time if your looking to Upgrade come check out my site when I get it launched.. Imagine, a car dealer that works for you, and saves you thousands!! :)

                      Anti-Stealership program!
                    • Re: Car Brokerage & sales
                      SageTrout Wayfarer
                      What you need is what is called a Floor Plan loan. It's what car dealers use to buy cars, finance them while they are on the lot, and pay off the financing when the car is sold. It gives the lender a security interest in the car until it is sold and if your business fails they can immediately repossess all the car inventory.

                      This is a specialized type of lending and many banks don't offer it. I would start calling banks, ask to speak to a commercial loan officer, and find out if they offer floor plan financing for dealers and see what their requirements are.

                      You may have more success with a private lender but finding one who will take a risk on you but it won't be easy. I would look for help from an association of independent automobile dealers. They may be able to direct to some lenders who would look at your business idea.

                      I did a Google search under "floor plan financing auto dealers" and found many listings including Bank of America.
                  • Re: Car Brokerage & sales
                    indpndt Wayfarer

                    I was reading your post and want to know exacly what a Broker does compared to an independent dealer? I have recently heard the term Broker from several people and want to learn more about it.