My Top # Car Flipping Tips
Most entrepreneurs I know, love cars. I’m not sure why, but its true. Many of them also make side money flipping cars. Flipping cars, is the “art of acquiring vehicles at low prices and reselling for a profit”. They do this on Facebook Market Place and OfferUp. Car Flipping offers a great opportunity for those who possess a good eye for value and a deep love for vehicles.
I started out flipping cars from home as well, but I now I primarily focus on setting up used car dealerships. I’m a consultant. But I have learned a lot over the years, so in this article, I want to just review the fundamental of flipping cars. I’m going to give you my top #3 Car Flipping tips. Whether you are doing it from home, on someone’s Auction Access or Dealer Network program, or even if you have your own Full blown Dealership. The fundamentals don’t change.
Many people never get a dealer license because of money or time constraints. Its’s true, navigating the necessary city and state filing can be intimidating. So, there are two camps, the ones who flip cars for fun and hobby, and the ones who want to turn it into a significant stream of income. I’m talking to the second group. The one who actually needs a Dealer License. Because as you know, once you sell 5 cars for profit in most states, you need a dealer license (even if its from out-of-state!).
Tip 1: Master the Art of Vehicle Evaluation
To me, this is the most important tip. You are getting all of your profit up front, based on how low of a price you can pay for the vehicle (relative to its price). As a budding car flipper operating from home, it’s crucial to develop an uncanny ability to spot undervalued vehicles. To do this, invest time in researching car makes and models. Hop on Facebook Market Place and poke around..look at other ads. See what selling in your city, and familiarize yourself with factors that impact vehicle prices, such as mileage, and condition. Being well-versed in these areas will enable you to identify potential gems and avoid costly mistakes. Trust me on this one!
Tip 2: Grow a Strong Network
In the car flipping business, having a strong network of contacts can make all the difference. Utilize Instagram, Tick Tock and any relevant online platforms and social media to connect with fellow car enthusiasts and potential buyers. But you also want to develop relationships with local mechanics, auto body shops, and other professionals in the industry to gain valuable insight into market trends and pricing. They may even let you know if they have a vehicle you can pick up for a low price. A solid network will not only help you find more lucrative deals but also provide a reliable support system that you need to help you grow in this business.
Tip 3: Polish Your Negotiation Skills
You have to be personable. Many car flippers over look this. They put more emphasis on the vehicle’s appearance. Don’t do that. Make sure you can whip up a smile very easily and look neat when you meet the your potential customer. Looking good, and helping the customer to like you, makes it much easier for you to negotiate the best price. A car flipper’s success often hinges on their ability to negotiate favorable deals. To maximize your profit margins, practice your negotiation skills on a friends. Attend a workshop, watch a few tutorials on Youtube (how to make people like you, how to be a better salesman, etc.), maybe attending a couple of workshops. Remember that confidence, patience, and persistence are key ingredients to successful negotiation. When engaging with sellers, present yourself as a knowledgeable and professional buyer, and always, always, be prepared to walk away (with a smile) if a deal doesn’t meet your expectations. You have to believe that as long as your vehicle is priced fairly, there is always a customer who is willing to buy it.
For entrepreneurs seeking to transition from car flipping to owning a legitimate used car dealership, GF Auto Consulting LLC offers a tailored solution. Primarily focusing on setting up dealerships in Florida and Georgia, GF Auto Consulting LLC can help you establish a licensed dealership that grants unrestricted access to wholesale used vehicles, enabling you to buy at competitive prices and retail to the public.
Call tel:4702469662 or Email mailto:gerard@autodealerlicensenow.com
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