With so many people deciding to set up their own business, it can be difficult to find a niche for yourself, but if there is one thing that continues to sell and be sought after, it is luxury. The trick is to combine luxury with items that people are always looking to buy. So what better business is there for you than a luxury second-hand car business?
How to start
First, let us look at why luxury cars are in demand. Perhaps it is the sheer pleasure of driving a vehicle that absorbs all the bumps in the road, that has a host of extras on the dashboard, or the comfort offered by premium leather upholstery. Status certainly has something to do with it, too. Luxury cars are hugely expensive, so only the well off and the super rich are able to afford them. If you drive a luxury car, then people know you are in the money. This is borne out by people such as Lord Laidlaw, a British peer and multi-millionaire, who has auctioned his collection of luxury classic cars for a cool £17 million. When luxury vintage cars reach this kind of price, you know there must be a huge market for them.
Assuming you have carried out your market research and confirmed that there is a demand in your chosen area for luxury vehicles, the next step is to get a license that allows you to sell the cars and which keeps you within the law regarding safety laws and consumer rights. You will also need to adequately insure your business.
The next step is to find a suitable location, one that provides good access for your potential customers. You will need to consider how much space you will need, both for your office and other departments, such as Sales, and the area you will need to park your luxury vehicles. There may be zoning laws in place dependent on the state you set up in, so get in touch with your local planning office to educate yourself about these.
It is a good idea to start making business contacts before you actually open your second-hand dealership. This will enable you to start selling cars straight away rather than having to wait until you get stock in. Attend auto auctions to source suitable vehicles, or even make some private buys and trade-ins. Also, study the local laws regarding car purchases. Again, these vary from state to state, but most will probably have a cooling off period for consumer purchases, so know your rights.
You may want to add value to your second-hand car dealership by creating a Service department. This enables you to have an ongoing relationship with your customers, providing an essential service while delivering a second revenue stream.
Starting a luxury second-hand car business offers opportunities to make a more than decent living. Just ensure you do your homework to guarantee your business becomes a success.