In this episode, I answer a few questions from a member of our email list. Pretty much all these questions have to do with him contemplating getting his dealer’s license.
If you’re in the same boat, hopefully, my answers help give you a good idea of what starting a dealership entails.
The questions answered include the following:
What do you think is the start up capital required to open up a dealership?
What are the main factors to your month to month dealership overhead?
What are the requirements for getting a floor plan? I really appreciated the video you made on this before. If a dealer loans me his license and lets me work under him as a “salesmen”, can I still apply for a floor plan?
Can you go through more examples of floor plans, such as vehicles you currently have, more pricing examples?
What sort of credit score do you need for a floor plan?
Can you give us floor plan companies?
I understand you have a mechanic, do you pay him by the job?
What were the noticeable differences that you came across from flipping cars to running a dealership that you had to overcome?
Thanks so much for watching! If you have any questions, feel free to ask!