Dealers License

[Dane]

I was thinking about getting my dealers license in NC to buy and sell a few cars a year, especially mustangs, cobras etc. I have a buddy that has bought 20+ million in cars for a used car chain in the area who was going to help me. He sees a lot of good deals on mustangs at auctions. Anybody have any experience positive or negative with a dealers license?

 

[SVT F15O]

You do realize you don't just "go out and get" a dealer's license, right>???

 

[Dane]

Correct, I know all the bonds, licenses, insurance, etc. that goes along with it. Always enjoyed working with vehicles and here in NC after selling a certain amount of vehicles each year you are required to have a licencse to sell so thought I would get one. Would pay for itself over time.

Sounds like you have experience or knowledge to share?

 

[TorchedCoupe]

I've got my dealer's license and deals on mustangs aren't that great. MMR (auction average from Manheim Auctions) is often over what people are buying and selling terminators for in the marketplace, fwiw. You will spend thousands of dollars setting up a lot, getting bonded, insurance requirements, etc. Not worth it to sell a "few" cars per year when most states have a pretty big limit on how many you can title only. Mind you curbstoning is illegal...

 

[SVT F15O]

Sounds like you have experience or knowledge to share?

I am not a licensed dealer but I am a licensed repairer hear in CT so I know some of the costs associated with setting everything up. I also have some close friends that are dealers that I do work for and buy/sell for. I will share with you what I know and give you any advice I can. If you have any specific questions post them up. I'll do my best to answer. I'll post up tomorrow.

I've got my dealer's license and deals on mustangs aren't that great. MMR (auction average from Manheim Auctions) is often over what people are buying and selling terminators for in the marketplace, fwiw.

Very true right here! Prices at the auctions around here are crazy high right now! This is for just about every vehicle though. You find better deals on Ebay and Craigslist. It is ridiculous.