What is a Wholesaler / Auto Broker (Flipping Cars 101)
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- Опубликовано: 5 окт 2024
- Today we talk about being a wholesaler and Auto Broker
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I have known of dealers loaning their dealers license to multiple car flippers and the IRS took everything from them, some people risk too much.
I was managing a highline dealership in South Florida many years ago and the owner got out of trust with his floorplan company and was doing very shady stuff. One morning the floorplan company showed up with car haulers and the police. They took every single car, even cars we had on consignment, cars that were there just for service, etc. They took them ALL and sorted out the mess later. I recommend that dealers don't use floorplans when they first start out and then once they are ready, then only use them as an overflow or backup when you're really busy like tax season. Floorplans are EXPENSIVE money and shouldn't be Plan A.
I’ve seen it a few time. It’s crazy. Looks like a raid going down.
What do you guys mean by floor plans?
@@stilliraise9201 It’s line of credit
But he mentioned a floorplan company ok so both r the same. I'm guessing we ask this question at the bank and they pretty much know what that is.
@@stilliraise9201
We just say lines of credit because it’s easier to explain to people instead of a flooring line
I would be glad to be first one buying your knowledge the thing that hold me back is my credit. I think got 2 open 2 more secure lines
I have been buying fixing up and flipping cars since I was 13. I watch the market regularly and have proven my managers my theories on multiple occasions on which cars to buy by sourcing the inventory on market place purchasing and selling within 24 hours. I am new to the industry but have sold well over 10 million in inventory in my first year. My goal is to wholesale or become a buyer. I am 26 and goal driven/ambitious if you have any advice!
😂😂😂 10 million in inventory?!? Do you think we’re all brain dead or buy the biggest BS of the year. Let me guess next you’re going to be offering a sales course? 😂
Hello, thank you for the awesome contact! I’ve been watching your videos for a couple weeks and have learned a lot. I am working on getting a dealer’s license, but right now I’m just flipping cars, I wanted to know how it works with insurance and adding a new car to a policy for a short period of time. Thank you!!
Lucky I’ve heard you mention on a few of your videos: as a wholesale dealer, if you wanna sell a car to the general public, you say you can “go to a retail dealer to do the paperwork.” What do you mean by this?
Say I’m a wholesale dealer and I want to sell a car to a friend. By “going to a retail dealer” am I, the wholesale dealer, actually selling the the car to the retail dealer, who then sells the car to my friend? i.e. to make it legal, two distinct sales are happening?
According to the law, this is legal. In court it is not what we know but what we can prove. 👍 Good point
Don’t repeat what you wrote to anybody. You’ll figure it out once you’re in. Just don’t go talking out loud about it
Love the channel. I live in NJ and near PA. Looking at a wholesale license to start but not having any luck getting information. Any help would be appreciated. Thank you!
So... is it okay to rent a dealer plate? Lol. Never, with a capital "N"!
Facts
Thank you very much for the info
I'm in California and whent to apply for my wholesale license and the DMV inspector told me I need a bore of equalization license. I splend I'm only doing wholesale. She say it don't matter you need a bore of equalization license. Why I'm not going to collect any taxes. Anyone know?
I dont understand what a Bore is? do you mean Bond?
@@LuckyLopez777 sorry I meant franchise tax board.im not doing retail but they want me to get a license from FTB and I got a city license pay $80 and the DMV inspector did not even ask for it
As a wholesaler can I put my cars on another dealers lot to sell, and is that consignment?
yes. but i dont recommend it
Lucky it makes no sense to get a wholesaler license if you can. There are people in georgia that will rent you a small office which passes dmv without getting full blown lot. But still be consider a retail dealer. What do feel about this?
Some states you can get a Dealers License with a virtual office you don’t need a physical lot you just need a business address.
It just depends on what you wanna do for business if you just wanna sell from dealer to dealer not deal with the public wholesaling is a great way or pay a few extra dollars and get your dealers license then you can deal with the general public
It's sad that in the " land of the free" you need a license just to sell a product to a customer. We aren't free #BanTheIRS
What happen if you want to keep the car and drive it?
Nothing. Put your dealer plate on it and drive
Can i use that to buy miltiple cars for my company use, than later sell it to public or dealer.
Is there any dealer software you would recommend for a wholesaler, or is any software fine?
You technically don’t need software for whole sales. But you can get dealer center
Wholesale license? Ain’t this the same as dealers license? I haven’t found a state that offers this wholesale license only a dealers license
Great page, great videos!
What software or apps do you use to book cars?
Can wholesalers sell through charity public auto auctions?
Nothing to with public involvement. Even public auctions.
If i have a wholesale license. Can I register a car bought from an auction to myself for personal use?
No
When you buy a car at the auction as a copart or iaa as a dealer, do you pay a sale tax?
When you do wholesale deals there is no sales tax there’s only sales tax if you sell to a public person which wholesaler cant
@@LuckyLopez777 I believe as used dealer and retail don’t pay tax
I have a question, with the wholesale license can you rent the cars? When you're done renting them, sell them back to the auction just like avis.
Unfortunately no every car has to have a plate and you’re not allowed to use a loaner plate or dealer plate
@@LuckyLopez777 thank you so much
@@LuckyLopez777 cant you just register it under the company with a regular plate and then rent them?
@@rainertravieso8019 yes but you would have to go through another dealer to register them to your business and get plates from the dmv
Hello. Let me ask something... I am on the process to get my wholesale license. But I have 4 cars that I am already selling from home. Has not been bought with my license cuz I don't even have it. Can I sell those from home even after my license is active..or what do you recommend.thank you
Are the lines of credit the same as a floor plan?
yes.
Hey Lucky, is the line of credit thru banks just like regular line of credit? or there are some other line of credit specific for auto dealers? (Maybe thru copart or manheim?)
Their specialty Automotive lines through auction houses and some of my vendors
@@LuckyLopez777 got it.. thank you
You need a license for everything in the land of the so called free.
Can you keep a car to drive?
Yes as a wholesale dealer you may drive cars in your inventory for business ( ex: driving from auction, dealer, to and from etc) and for personal use. You would use special dealer plate.
Question what’s the difference from having a dealers license or wholesale vs selling a car your own car
A dealer license means you can sell to the public. A wholesaler can only sell to dealers and other wholesalers.
How much an wholesale license cost?
Thank you
Can I Buy cars with a wholesale dealer's license and send them abroad?
As a wholesaler can I consign my cars through a dealership?
Yes just make sure you get a consignment agreement
@@LuckyLopez777 Can they be registered in your company name or do they have to be registered in your name?
Prices on used cars are dropping
🙌💵💵💵🚗
What do you know about Fleet buying?
As a wholesaler you can buy fleet vehicles he just can’t sell to the general public
heys hows it going do you know if you can use a virtual address in texas?
Depends on your local DMV and business license dept
@@LuckyLopez777 ok I’ll check it out thanks for the reply
So I rent a place then I can sell to the public ?
So in order to buy cars at auction for export we need a wholesale license?
either one
I know someone in the car business so this is good.
Does this license work for commercial vehicles?
yes
Hi Lucky. Will I have difficulty getting approved for a floor plan using my home address?
Yes, most definitely! Flooring companies require a physical dealership lot.
Can I get my wholesaler license in Florida?
As a broker, do bring cars to my house. I test drive my vehicles for 300 miles plus to assure there are no major mechanical issues, can you get dealer plates to transport the cars?
I have a dealership license.
Can explain auto broker
Am I able to keep the car that I buy using my wholesale license?
Yes
I’m trying to book a consultation with you but can you reply to my email? I had a question first.
I will check
@@LuckyLopez777 same here!
I am starting a 5+ vehicle Turo and car rental Business LLC with S-Corp election.
Can I be a broker, buy cars at auction for the rental car LLC?
My goal is to get into auctions for discount and selection to build my fleet.
Pokemon
Jiggly puff
Wait what how?. Lol 😂