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i'm looking to open up a used car sales business in long island and just wanted to know all the requirements, and legal steps i have to go through. i have been a mechanic for years and believe i can do good in this business and not sell junk.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I'm not familiar with the licensing, bonding and insurance requirements in NY but it's likely to be costly. You also need a lot of cash or great line of credit
to buy vehicles and have them sit unsold on the lot, with cash flow issues.
If you go a week or two with few sales you still have to pay the rent.
You will also need to wither learn the ins and outs of financing and credit
or establish a relationship with a few lenders, if you offer no financing you will eliminate a high percentage of the buyers.
As a mechanic you should be able to make good purchases at auctions, do some repairs and make a good profit but you have to sell vehicles that people want.
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