Q: “Are people who are not dealers only allowed to sell a certain number of cars per year? I was wondering if I sold like 4 cars in a month, wouldn’t I get in trouble?”
A: Most times, you may sell more than 4 cars per year. Check your local state laws. You can use friends and family names as backups if you need to get the car registered.
Sometimes, sellers will sign the title and give it to you blank.
When you sell it, make sure the buyer signs the back stating that he bought it, also use a Bill Of Sale for security, just in case.
If you do this legally and register each vehicle that you purchase, say you did your 4 per year, then you partner with a family member and did an additional 4 in their name, then you partnered with a friend and gave them $100 or $200 for using their name to get the car registered so you can then resell it.
That’s already 12 cars in a year. Plus, what if you got a few extra with blank titles? Who will know about that? Remember, I am not saying to do it that way, but it can happen often.
This is not legal advice that I’m giving you here.
What you do with the information contained in this course is your sole responsibility.
If you tried to hit the goal of making at the least $2,000 profit on each flip, that comes out to a cool $24,000 in extra profit for the year!
Q: “I’m looking at buying a XXXXXXX online that sells automobiles for the county. Should I be using KBB trade-in or private party value as my target buy number?”
A: The target number to buy is the Blue Book Trade-In value, or as low as possible.
Q: “I was just wondering, after you find a deal and eventually purchase the title off the guy, how do you get the car back home? Does AAA have some type of service that you pay monthly and they can pick up the car from a certain distance?”
A: AAA has a yearly membership for roadside assistance and is very affordable. You get 5 free tows a year per membership. You can also add a family member for $30-$50 per year and get an additional 5 free tows a year.
The service is great and I use it all the time to get cars back to my place for free.
Just say that you have a car that needs to be towed, it has a problem with the engine and it doesn’t stay running. You need it towed back to your place.
Q: “What do you think about getting a dealer’s license and what are the advantages and disadvantages?”
A: The advantages are that you can store and buy many cars at a time if you have a location/lot. You can buy from dealer-only auctions.
The disadvantages are that you WILL have high overhead costs, low profit margins and you are pressured to make sales just to pay the rent in most cases.
You must go through extensive paperwork just to get a license. You will need a location, handicap-accessible restroom and a cash bond just to get started.
Many used car dealers start from home, gain experience and then make a decision if they want to move forward in their business or not. If you feel like you can handle this and play with the big boys, in the course there is a resource section where you can get more information on getting a dealer’s license.
Q: “I have a 2000 Honda Accord, 200,000km, some rust, a small crack in the windshield, tinted windows, blue exterior and interior, remote starter. The paint is chipping in a few spots. I want to sell it for $3,350. I’m thinking about taking it to a body shop and getting a new paint job so I can sell it for more. What do you think? Should I leave it as is for $3,350? Or get it painted and sell it for more? The paint job is between $800-$1200.”
A: I say know your market prices. Know what you can sell it for. Invest as little as possible to make a profit. There is no sense to invest an extra $1,000 to make $100. If you can get a good ROI, then why not invest more? Just make sure that you can still sell it fast, not sit on it because of the higher price tag.
Q: “Do you know of any good places that will do a quality mechanical inspection before you buy a car?”
A: Check your local mechanics. I know gas stations do quick checks if you’re not sure about performing an inspection yourself. Read Chapter 4 for inspection tips.
Q: “How do you get the car home if you have no insurance on it?”
A: Most insurance companies cover you for any car that you purchase for 30 days. I know that Geico and State Farm will cover you for a new or used car that you purchased for 30 days. I wouldn’t recommend driving the cars that you sell all over the place without insurance.
Meet the buyer at a nearby shopping mall or have them come over to your house for viewings as much as possible.
A lot of guys just don’t get or have insurance on these kinds of cars. If they plan to hold one longer (for a few months or more) to keep it as a daily driver until it sells for a higher price, then it’s best to have insurance on it, of course.
If you have a car and you just plan to sell it quick, you may need insurance to get it registered, if not, then just keep it home with no insurance and if a buyer wants to meet you to see the car, go to a close area from home to show the car and tell them that you have no insurance on it, or it was canceled, etc. – whatever your story is at that point.
Most people don’t really care anyway, all they really care about is getting the best deal that they can get and your job is to have a clean car that runs great and at a great price.
Then, it should sell pretty quickly for you. Look at the next page at a sample bill of sale that you can model to cover your butt on every sale.
“Sample” Bill Of Sale
Your Full Name” am selling my “personal, friend’s or family’s vehicle” which is a “Year Make Model” “Vin# XXXXXXXXXXXXXX” – “License plate # xxx-xxx”.
On this day of “
the date you’re selling” for the sum of “Price in words” “Number price” in ‘as is condition’ with no warranties whatsoever to “Buyers name, address”.
This car is in good running condition and does not show any known problems whatsoever.
Purchaser may take the vehicle to any mechanic to get a vehicle inspection at purchaser’s expense. If seller agrees.
By signing below, purchaser agrees to buying the vehicle in ‘as is condition’ with no warranties whatsoever.
I’m not giving you legal advice here.
I advise you must check your local state laws for compliance on how many cars you can legally buy and sell per year.
I’m giving you my secret tactics and strategies on how to find profitable deals and how to make big profits with cars.
This is not black hat or scamming – this is a legitimate, ethical way to make money.
There are literally millions of cars to profit from and thousands of people are out on the street doing it, most of them are not doing it to create the best value for both buyer and seller parties.
With the economy in a downward spiral, the value of quality used cars are getting higher than ever.
They are in demand. People want affordable and dependable cars.
Stay persistent, and never give up. You’ll find deals if you calculate the PME, then figure out how much time or money is needed to invest and make your offer.
Remember not to over pay for a car. Stick to your guns. You don’t want to waste your time on bad deals. Just be strong enough to walk away from your maximum bid.
Walk away from hard-bargain sellers who won’t negotiate with you. You’ll always find a better deal when you walk away.
P.S. Please send in your success stories just like all of the other successful students who have taken this F1 Formula – How to Buy and Sell Cars Course.
I have a wall of fame that I want to put YOU on, too.
I’ll be waiting for them. See you in the video trainings as well.
I really hope you enjoyed this manual.
This stuff is really the blood of my success. I have made a lot of money from this and with that money, I’ve continued to invest in my education and other businesses.
You can do the same. Learning NEVER ends.
Just learn from this and use it! By applying these methods in your dealings, YOU WILL MAKE MONEY!
Good luck in all that you do!
I’m rooting for you. Now go back and read this manual again and again.
Tony, your teacher, and still a student for life…