Top 5 Pros and Cons to the Wholesale Dealer License | Is It Worth It?
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- Опубліковано 27 сер 2024
- #wholesaledealerlicense #texasdealerlicense #Top5
I run down my list of Top 5 Pros and Cons to the WholeSale Dealer License!
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everythingmrlee
everythingmrlee
Stay updated with ya boy!
Ima add one more con to wholesale.. buying at auction paying the auction buyers fee+ selling @ auction paying the seller’s fee.. that can be like $1k total sometimes
100% I learned that one quickly
What's up bro can you make a vid on NY how to get wholesale license?
I’m not surprised you took losses on the type of units you were buying, especially with you being complacent with a $400 turn around. At that rate, you’d have to be a “Volume Wholesaler“ in order for the Time & Money being spent to make any sense.
That’s fair. I could definitely be finding better deals but I think a winner is always retail dealer to make more money. Wholesale you get charged buying and selling, repairs, etc and when retail dealers want to buy the car they have to make money also so your margin wholesale will always be pretty low. Doing high volume may help but never know.
Awesome information. I’m getting my license at the end of the month. I’m excited now!
Congrats ! Thanks for watching
Do you get your license?
@@2LitProduction I’m hung on trying to find a location. I can’t seem to find a stand alone location.
What’s your location?
@@michellebell853 Mississippi/Tennessee
Bro, do a video on it for Maryland and what it requires
Thanks
Good looks bro dope content 🤝
Have you bought from Copart? My dad has a auto body shop so I’ve been wanting to get into buying and flipping them I’m debating on trying to get my license
I have. Copart is not a bad place especially if you have access to get the body work done.
Is the licensing for wholesaling the same as dealer?
Mostly the same. Wholesale you don’t need parking spaces just a office but everything else is the same really
@@EverythingMrLee But would we take the same licensing class? I really appreciate your help, thank you!
Hey just ran across your video I was wondering can you rent out your wholesale cars on turo
Yes, bro, lol. Thats why im applying for a Wholesale Dealer license to cop whips for the low-low at auctions and get access to them from dealers who may have cars not on the lot but instead in inventory.
Im not doing it to flip a cars, in doing it for personal use (im a car fanatic) and for buying a fleet of SUV’s to place them on Turo.
Cars on turo can not be in a business name they have to be in an individual name.
Great 👍
So with a whole sale license can you sell your personal vehicle to a public person without penalty and what about taxes.......
Research based on your state. But to my knowledge if a car is in your name you can sell to whoever if it’s in a wholesale dealer business name wholesalers can on sale to other dealers
were to go to get this in pa im kinda of confused...
Here is a good link for you on the requirements for PA. www.dot.state.pa.us/Public/DVSPubsForms/BMV/BMV%20Publications/pub_459.pdf
$200? Not in San Diego.
Hi, Thanks for all the information. I Just received my wholesale licence, do you know since we cant sell to the public can we advertise our services to attract other dealers exp. From Social media?
Thanks.
Hey man what state are you in that you got your wholesale license ? I'm trying to get one myself
Make connections with other small dealers and let them know what you have for sale, or take them to another auction. I know a guy who used to buy Toytoa trucks at a cheaper auction, they pass it off in a big dealer auction in Orlando, made 4k per can usually
Thanks brother
How did you find your office? That’s the part I’m struggling with.. also, what if I decided to keep the car? Would be I be able to register it in my information?
I googled cheap offices near me, and pick the one that fit to my price and state requirements in Texas
Do i need a office in texas for a whole sale dealer license
Yes.
can you drive around with the dealer plates on for personal like retail use or just back and fourth from buyer and seller.
You can drive it with dealer tags I believe
In Texas
Neither will allow you to drive them as your own car
Retail - can take it to the shop to get parts etc
WS - No can't run around in it with a dealers tag
Is it a bad idea getting a dealer license in your name for someone else ?
That is never a good idea. I would not do that. It’s too many ways it can go bad for you messing with the state if you’re not directly involved and being responsible since your name on it.
I got my license i just need to submit the paperwork
Congrats on that!
How can I get my VA license
Thanks for comment. Here’s what I found..
mvdb.virginia.gov/h-t-b-dealer/
were do i go to get this in pa
I’m in Texas but I will look into pa and see what I can find for you
What type of lease is required ? And what state are you in ?
I just had to have a standard Texas lease in my business name as the renter
I’m thinking about getting my license, which one would you say I get?
Depends on your personal situation but I would start with wholesale.
Great explanation thank you for sharing, new sub here
Thanks for the sub. Glad you liked the video
Can you buy a car from a regular person and if so how does the title situation work?
Buying from a individual can be done. And as a dealer you can use the reassignment lines on the back of the title
Yes BU you MUST put it into YOUR name first before selling it to someone else- IF YOU just pass it on from the previous owner to the guy who is buying it from YOU, that is called JUMPING THE TITLE and it's ILLEGAL
Hey man,
First time starting out for me to apply for a wholesale dealer license. Do I need an LLC? Is it required to have one? I understand a retail license should definitely have one, but can you explain to me if it is really necessary to have an LLC for a wholesale license?
Hey man. I can’t get tax advice or business advice. What I can say is doing wholesale or retail I didn’t have an LLC. I think having a LLC just helps with certain tax things and liabilities so it depends on you and how you want to protect your assets. I would reach out to a tax professional and see what’s the best steps for your personal finances and stuff
Let's say we purchased a car at the auction you mentioned we can re run right there with manheim is that money go to you
That money will go to you or however you have it setup. For me I would just pick up the checks from the auction and deposit to my business account.
Is it surety bond ? Is that what you are saying ?
Yes
where you normally get your car from to resell them
Dealer auctions
How do you get a wholesale dealers license if you don’t have a location.
For Texas you can’t. You have to have a office
If i have a wholesale license. Can I register a car bought from an auction to myself for personal use?
It’s my understanding, at least for Texas. You can not because once you do that you would be able to sell to the public but as a whole seller you cannot sell to the public. So in short my understanding is no you can’t, because you can use your dealer tag or agent tag on it and use for what you gotta do,
Maybe you can pass it though a dealer friend and HE can sell it to you
In Texas , I would like to get the wholesale license, buy a car , keep it and put it on Turo ? Is this possible
Far as I know. Turo didn’t allow cars in business names but that was over 1 year ago when I looked into it maybe they have changed that since then
Florida what's the deal with florida
You can check out Florida rules at the link below
floridadealerlicense.info/florida-used-car-dealer-license-requirements/
WS or RETAIL, you MUST have a DMV approved office, 10x10, 7ft ceilings and at least 2 parking spaces
Hey man quick question: What are the consequences of selling to the public with a wholesale license? Like are they not able to register the car under their name?
Also can you be penalized if you do sell to the public?
In Texas there’s penalties and also you may lose your license as well as titles not being able to be switched over
NO, the problem is ON YOU, the state will find or jail you for doing illegal things
The state could fine you for jumping the title- passing it on without passing it through your name
You still flipping cars wholesale and is it still profitable?
I’m not currently flipping cars wholesale. It wasn’t too profitable for me had a lot of lessons and will be doing a update video here soon to run it down
Did you have to get insurance to get your license
I didn’t have to get insurance. I had to get a 25k surety bond
Can you tell us some stories? Stories can show all the complications that can come up. I'd like to hear about a car sale that went really good for you and one that went really bad for you.
Thanks for the suggestion. I might just do that
@@EverythingMrLee what would be the actual point of getting a “Wholesale License” if we can’t sell to the general public?
Can you buy car on the street then sell in auction ? Would that be a way wholesale can work ?
Yes that is a possible way to do it
Yes.
NO, IT has to be transferred into YOUR name first BEFORE you can sell it on
JUMPING TITLES is ILLEGAL
Can I bid on a car and title it in my LLC to rent it out on turo? I’m in Maryland
I don’t know the rules for Maryland
If you have a wholesale dealer license could you still sell it at like a Copart auction to a regular person that’s not a dealer?
As a wholesaler in Texas it’s only dealer to dealer
@@EverythingMrLee I’m in Texas too. So If I were to get a wholesale license, I could only have the car go through other dealer only auctions?
Yes
@@EverythingMrLee damn how does anyone make money then lol
YES as long as it goes THROUGH THE AUCTION and the buyer pays you through the auction
Can we sell to public auctions?
Not as a wholesale dealer
@@EverythingMrLee thanks for responding
California
How To: Get your dealers license in California
ua-cam.com/video/6IxG1K8xuAk/v-deo.html
I have my wholesale license also. Can you get a like a small business loan with this license?
Hey what state did u get ur wholesale license in?
I don’t know
Yoo jus got my wholesale license in wi I got a question
I may can help. What’s the question?
@@EverythingMrLee can u give me a call 262412980
2624129870
do I need an office building or can I do it at home im in cali
Im in Texas so I don’t know. Here’s a link to get more info dealer101.com/how-to-get-a-car-dealers-license-in-california/
@@EverythingMrLee ah yes I can operate from my residence I have a question though. Will they come and inspect or is that only for retail dealers? I live in an apartment will they approve that?
I NEED A CAR!
I can help you with that. Hit me up
In Texas are you required to have a separate office for your wholesale license? I have a house in DFW that I want to work from.
It just doesn't seem to make sense to have a separate office when you can't sell retail.
Have to have a office in Texas can not work from your house.
@@EverythingMrLee ok, you said you were in apartment. What do you have for an office?
Hey I just got mine in Baltimore and I’m a felon they made me fight but I got it 😱✅😎
Congrats!! Time to get to this money! 💪🏾
Only 1 true can we connect? I'm in Baltimore and having issues with get one
Ohio
Did you pay the 1300 bond all up front or by a monthly payment?
I had to pay all at once
Dang, ok Thanks for responding.
No problem. Thanks for watching and commenting
If I were to buy a car n let’s say a family member sees it n wants to buy it can I sell it to them or would that be illegal?
Can’t tell you if it’s legal or not. If your licensed to sell cars to the public in your city or state I don’t see why you can’t sell to a family member.
Florida :)
kentucky