I'm new to the website and have loved the reading so far and I just wanted to get everyone's thoughts on starting a used car business.
I have been in car sales for nearly 10 years and have experienced a used car supermarket, a smaller used car dealer and 2 separate franchised main dealers. I was a sales exec (used cars and main dealer) for 5 years, then moved on to a business manager (used cars) role for 3 and the last 2 years I have been a sales manager (main dealer). I miss the excitement of used car sales and have wanted to open a small independent used car dealer for years now.
I like to think I have a good enough experience to hopefully make this a success and I have roughly £50,000 to get up and running, would look to get between 8-10 cars, but I am worried this isn't enough money or stock. Ideally, I really would want at least 6 months bills covered as well as all the usual up front costs. I have planned for the following costs to be covered, please let me know if I am missing anything.
Trade insurance, trade plates, website builder, a database system, invoicing software, laptop, phone, rent, rates, water, gas, electric, broadband and lastly, wages for myself and one other.
I would look to start off with all the valeting and minor detailing myself and I think I have made enough contacts throughout my time to have good reliable mechanical and cosmetic prep work complete without spending fortunes. I would like every car to leave knowing it has 12 months MOT, at least 6 months service time remaining and having been used car checked.
I'm nervous to take the leap, especially in this current market and would love to know how everyone made that initial change to start trading independently and whether you all think I have enough money behind me to make a success of it.