Wholesaling Cars for PROFIT ( Do's & Don'ts )
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- Опубліковано 4 січ 2022
- We talk about some of the Basics when it comes to wholesaling cars
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For those of you in NY a wholesalers license has to be used specifically for wholesaling. Retail license here allows you to do both.
Saw your interview on wealthion subscribed thanks for shooting it straight rock on brother.💪🤙💯
Sooo true!! Appreciate it man you’re giving out very very pricey advise.
Thank you for being honest and sharing valuable information. I truly learned a lot today
You are so welcome
Great video, honestly I appreciate your Channel more than anything. You have been a huge mentor and guide for me through my journey. Everyone says you should start with wholesale but there is barely any information other than your channel on how to run a wholesale dealer. Keep up the good work man 🙏
Thanks 😁
Great video Lucky!! I am a wholesale dealer myself in South Carolina and everything you was saying was right on point when you are a wholesale dealer. By looking at your video really help me more with this business because of the tips you give out.
Thanks Roy I appreciate it 🙌
Where do you mainly buy cars?
❤ Love these videos
Just started watching your videos. And love the content. Have you helped dealers in TX get started. What would be my 1st step. Thanks
Thanks for the informative video. I am going for a wholesale licence in Australia and visiting the USA to buy cars from there. Although not totally relevant to me, the video was still helpful.
Thanks so much for sharing your knowledge….
Great tips! In CA, you can also sell to International Buyers with a wholesale license, I believe?
Thank you for remembering the little guys.
Always. Small business make the world go round
Maaaan this some gooood info. Thanks for sharing.
Hello Buddy, Thank You for your information. I have a question In the state of Nevada which license should I acquire to wholesale? I do not see a wholesale license
I just got my license and was wondering if i could sell to the public. this really helped me and all the things you said helped me for my future in wholesaling and eventually being a dealer. , thank you.
Wholesale no
If you're a whole seller all you have to do is get the car reassign to a retail dealer then sell it to the public easy
A local dealer buys luxury lemons from CA at auctions, sells them locally (w/ expensive warranty, 50% cut?) and/or ships them overseas. Are wholesalers allowed to sell internationally?
Thanks for the advice
Thanks for watching 😁👍
I love that's u are so real. U keep it all the way real. ❤❤😅😅😅
I live near Vegas. I know nothing about the car business but really interested in it. How do I find out when and where the CES thing you mentioned is? I also went to your website looking for courses on flipping cars and can’t find it. It only lists Dealership and Rentals. Thx
I had a 2012 45th anniversary. Best car. 12k miles. 6.2 6 speed.
Good stuff bro
Just got my wholesale license in North Carolina. I was told that I can only buy and sell at auction or dealers period.
Great video, what mmr app do you recommend to find the report price
Can you make a video on what kind of cars the banks like to loan money on? Like cut off on year models, .mileage limits. Are there some cars like Nissans with CVT transmissions that they don't like loaning money on? Are there certain cars they loan strong money on like a Toyota Camry or Honda Accord?
Keep the content coming and good luck on your venture.
I did a few videos of that already but the whole thing is is every single bank in your area is going to want different cars with different miles in different makes and models so it’s very hard to make a video.
A lot of the banks I have here in Las Vegas or not in other states in some of the banks probably in your city and state are completely different from mine
Good advice. I've seen dealers who have been screwed by wholesalers and vice versa. Unfortunately, VERY common in the car biz. If you REALLY trust a dealer, nothing wrong with leaving a car with him "on the arm" for a few days or a weekend to see if he can retail it. You better have known this dealer for many years and have lots of trust built up between the two of you first.
Facts 🙌
Your the best bro . Speaking nun but facts
Thanks I appreciate it 🙌
Some states don't distinguish between the two licenses. In Washington state for example there is no wholeseller license only auto dealer
In Washington you can also buy meth from the government 😂
which cars sell the most? do you prefer to sell to the auctions or to the dealerships? why? whats the difference between selling the two?
In California you can do both, wholesale and retail. I can do all 3 with my license. Broker, wholesale, and retail.
Which license is that??just a dealer license?
Legendary do you have your wholesale license
Best videos Foreal ! I was wondering tho the as is part. Even if I don’t put as is in the auction dealer notes, is my car sale as is still?
Everything is as his unless it’s green light
Cars are life!
Yes 🙌
Great information thank you. When are you going to do a tax season video ? Seems like a perfect time to do one since tax season is right around the corner. What cars you look for when you take them to the auction or put on your lot, etc…
I look for the cars that my banks like. what ever is the easiest to fiance and give me the most options to sell
@@LuckyLopez777and the banks hate Kias and other cars that people steal a lot
What are some of the apps you recommend for vin scanning and to determine different values on cars. Thx
Does Vegas have a wholesale license or do I have to get a dealer license? I’m not seeing the wholesale license anywhere on the DMV website.
Thank you lucky
Hi Lucky. ☘️ Is this a legal transaction?
1. Buy car at auction under dealer LLC name.
2. Sell/Wholesale it to a local dealer.
3. Buy the same car from that dealer under a different LLC company name. Pay them a few hundred bucks for processing the transaction.
4. Now the vehicle is mine to do with what I choose and sell privately.
Thanks.
Would you recommend wholesaling as a part time side hustle?
How do you obtain a wholesale/ broker license? Only dealer licenses are offered in tennessee
Yooo that last part me got me rolling "mail you a hooker " hahaha, I can tell you a good genuine person very informative video. Thank you, just opened my dealership in NJ
Thanks I appreciate it 😁👍
Where is the location in NJ is your dealership? I’m interested in buying and selling Cars under Wholesale License and would like you to help with some tips.
Hey lucky I’m looking for a video on how to get your wholesale license
Do you know what the requirements are to get a wholesale license in Pennsylvania
whats the right cars to buy , getting my bank accounts set up and bond in order .
Nextgear is the worse they almost repo all my cars because of one $3000 car that I forgot to pay off and was a week late. Learned my lesson after that and dropped them.
I need more information about online whole sale license like virtual since my target to buy new used car from US to be exported
Do you have a how to system for purchase?
Lucky! Can a book a one on one with you? I'd like to get my wholesale license to buy cars and put them on Turo. Thank you
So how to make the custom to get the car loan after auto auction without dealer license?
Hey lucky what about a dealer in California where you just need one parking space and a office .. i see theres areas here in san diego for 300 a month ..
I would recommend getting a dealers license above a wholesale license so even if you get a good deal and you want to retail if you have the chance to but be careful a lot of those places to charge you $300 a month you’re renting underneath somebody else’s license if they give you your own LLC in your own license insurance and Bond then I would do it never operate under somebody else’s license
Lucky: Great Video. Out of curiosity how are banks with lending to wholesalers?
Lines of credit there are a lot of companies
I feel it is hard to do retail in Dallas. So much competition
Its much easier in TX. you have a bunch of banks the fiances just spends 3-6k in FB ads you will see a return
So if you have a wholesale license can you also get a retail license ?
Can you do wholesale in tennessee?? Tn dep of revenue has no idea what it is
Whats a normal mark up per car when selling to a dealer
I have a friend I did a consignment for. He gave me most of the money. I have a balance owed.
The vehicle is still in my dealership name. No signing until I am paid.
Awesome info! Question: How do you sell to banks as a wholesaler?
Banks do not buy cars.
When you’re a wholesaler, you could only sell to a dealer and into an auction you cannot sell to anyone else
🔥🔥🔥
Truth be told, making a living wholesaling cars is very tough. If you pay auction prices then there is no meat left on the bone. Finding dealers that will wholesale cars to a newbie is wishful thinking. I've been a uc dealer since the 70s and truthfully the business today is for the big boys. I unfortunately can't suggest opening a uc lot or wholesaling as a long-term career. The future is dim for the little car guy. Sorry to be gloomy but it's my humble opinion. Good luck to those who choose to ignore my advice...
thanks for sharing
Gotta find them cheap as private buy then send to dealer auction 😊
@@JamesValentineBaja1000 private parties know what their vehicles are worth. It's a tough go if you are stocking a uc lot with private party purchases.
@@bking12762 buy inops. If you're skilled to do your own repairs ;)
@@JamesValentineBaja1000 not worth not many people buy salvage cars
how can i buy a car for myself at this dealer auction?
Hey lucky I been buying and selling cars in New York since 2015 as a rep under someone’s dealership that’s located in Nj just moved to Houston this past April have been buying and selling under the same dealership but it’s getting a little harder since people get spooked out when they see a reassignment from New Jersey so I’m trying to start a dealership here in Houston can you help me never financed a car I have just done cash deals have sold 20 cars here in houston already but I want to start my own dealership can you help sorry for the rambling let me know if you can help me start
go to my website and book a consulting call we can help you
Thank you so much for this video , It was really interesting and helpful . clean & clear descriptions for all my questions . Now , I have 2 other questions. Do I need to take an exam for a car wholesaler license in California ? 2- If i invest 50K for it ( I do have a bodyshop cousin ) would it be profitable for me ? It would be much appreciated in advance
I've been a uc dealer for a year and constantly struggling with buying the right car or at the right price. And for some reason no other dealers want to provide some knowledge and honestly hope you fail. How can I improve my.knowledge or learn more about how to purchase
lucky any tips for turo i have 2021 scatpack and 2021 camry started 10 days ago had 3 trips already
tampa bay area as well
Lucky, How can I build capital starting out?
So if someone is a wholesaler in Nevada, they can't sell to someone (public) that's out of state, & is registering it out of state? Thanks.
No. Can not to anything with the public
what is the requirement to be a wholesaler in Michigan?
As a wholesaler trying to buy and sell cars online at a Manheim auction, I have a question. Can I buy cars, recondition them at the auction where I bought the cars,, and sell those cars at the same Manheim auction, which is far away from where I live? in other words, is it possible by using technologies with apps to buy and sell cars at different Manheim auctions without physically seen the cars. thanks
Yes, you're allowed to go from auction to auction.
Can you sell to a non-profit?
I had a company contact me to buy cars for them wholesale. Doe's that sound legit? Thanks.
what if your doing it internationally
Do car auctions allow OBD2 scanners? What's the best brand? Good to know the internals if outside checks out. Can wholesalers sell to Carvana?
G'damn, if you can't research all this info yourself and figure out the other answers to your questions by watching this video, you have no f'king business getting into the business. Go sell lemonade on a street corner.
Im also curious if wholesale dealers can sell to carvana.
@@davidpalmer8419 - What goddamn part don't you understand? Yes, you can sell to any dealer!
Nice bear 🐻 ❤️
thanks
Is this channel still available
question. I’m getting my wholesale license. If I buy a car from auction, then ‘sell’ it to my dealer friend, then he ‘sells’ it back to me but I buy it on my personal, then can I sell to public?
Noooo don’t do that. You will lose all your profit and your license
When you wholesale cars, what’s your number that you have to get? Like for example, the average profit per car you’d like to see when selling to dealers.
it just depends on the car. i do bulk at $500 and bigger deals 2-5k
at the mercy of the market
@@LuckyLopez777 Appreciate that insight. Definitely at the mercy of what the market is doing for sure. Your content is great ! Really appreciate it.
as a whole seller can you buy and sale cars from iaa and copart ? or you cant do that either
Yes you can
I wanna flip one or two cars a month in front of my house. Supplement my hot rod build. Should I get a bidder license? Do I need to?
I would flip a few cars see if you enjoy it and I have an ability to do well at it after that then I’ll go ahead and spend the money and get your license
@@LuckyLopez777 Thank you. I was leaning that way. I have turned a few cars from marketplace. I have always been interested in the auction prices.
Can you buy as Dealer and or whole seller and then sell your car through Lazychimp or Carvana?
Carvana is technically a licensed dealer 🤔
Can a wholesaler buy a car and keep it in their name as their personal car
I have a SUPER IMPORTANT and ENORMOUSLY RELEVANT question, Lucky.
Matchbox or HotWheels?
Micro machines 🤯
Hi, I’m a wholesale car dealer and I’d like to know if I can sell cars at public auctions.
Yes you can!
If i have a wholesale license. Can I register a car bought from an auction to myself for personal use?
did you ever find out? im curious too.
if i have a wholesaler license can i transfer the title and reg into my OWN name to keep n drive?
Just make a tag for it or put your hard plates on the vehicle that the state gives you
If I can have your no wanna learn things on cae trading of auction cars
If i have a wholesale license, can I buy and/or sell cars as a person still if kept totally separate from acting as a dealer? If not, what if I want to sell a personal vehicle i owned before becoming a dealer?
If you have a dealer license/wholesale license you won't be registering the car in your name. A vehicle you owned previously will be registered to you as the owner and you'd be selling it privately out of your name and not through the business.
@@wgreen_ makes sense. Could i continue to own and sell vehicles personally separate from the business after getting as dealers license if I want to?
Just got my wholesale license. Can I get a business loan from my bank
what do you mean when you say franchise stores??
He should mean stores that are under the same name or umbrella of names, but owned by someone else. “Toyota” can be owned by a private owner (I believe) each privately owned toyota dealer would be considered a “Franchise”
Good ifo
Crazy
Fun stuff lol
MMR?
As a wholesale dealer, can I sell to carvana, carmax, etc?
yes but they dont like to buy from. newbies will take time to build a good reputation
If i have a wholesale license and buy a car retail on facebook can I sell the car I bought retail to someone on facebook retail?
No
Can you give away cars or "gift" them to people
Toast!
yessssss
Donuts bro..donuts
Facts!!!. Donut make deals!! 🤣
Sir can you please help me for to kind any dealership insurance. Appreciate.
Call GWI
So with a wholesale’s license, can I get a car from a auction and put it under my name without having to sell it to anyone else?
Do you still have to pay sales tax and you have to go through a license dealer you can’t sell to yourself as a wholesaler
Thanks a lot🙂
1st
Your the Man Bob 😁👍
@@LuckyLopez777 naw your the man Lucky. I'm just an outstanding man. You are setting the example I will emulate.
farts
💩