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Can you tell me how to become a car trader?
I’ve always wanted to sell cars. I’m hoping I can make some money by changing my career. How do I become a car trader?
Matthew Macgugan · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sounds like a fulfilling profession for you! Before becoming a car trader, make sure you research the market. You may also want to set goals for your audience and focus on specific brands or models. Once you figure out what you would like to sell, you’ll need to:
- Create a strategic business plan: Consider your operation’s costs and how much you’ll sell the cars for. Ask yourself if this business strategy will return a profit for you.
- Have money saved up for expenses incurred before your business profits: Yourexpenseswill be more than what you make when you first start. For example, you’ll need to purchase a dealer’s license and fulfill any educational requirements before you begin selling cars.
- File for a surety bond: All car dealerships need surety bonds. A surety bond ensures your dealership or business will operate per state and local regulations. It also can protect you should any damage occur.
- Get the proper insurance coverage: As a dealer, you will need commercial insurance as well ascar insuranceon your vehicles.
Once you have received your surety bond, dealer’s license, and have found an approved location to run your business, you can begin to build your vehicle inventory. You can do this by visiting wholesale auctions or purchasing used vehicles
elsewhere
. If you’re interested in purchasing a vehicle for yourself or want to recommend a top-quality insurance broker to your clients, consider using the
Jerry
app. Jerry generates insurance quotes from over 50 of the nation’s leading providers so you can get the best rate for the coverage you need. Good luck with your new business venture!
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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