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Starting a car dealership can be an incredibly rewarding business decision. Whether you’re selling salvage vehicles or motorcycles, Michigan residents are always looking for vehicles and modes of transportation. While it may seem as simple as buying a salvage car at auction and setting up a storefront, there’s more that goes into setting up a brick-and-mortar car dealership in the Great Lake State.
From learning how to acquire a salvage title to refining your customer service so you provide a great experience, here’s what you need to know about starting your own dealership.
Planning and Licensing
It’s time to structure your business and decide how you’re going to operate. Do you want to be a high-end dealership that carries Porsche and Ferrari products? Are you more interested in rebuilding cars and repairing cars? Do you even know where to buy salvage cars in the first place? If you’re struggling to come up with any of these answers, you’ll need to take your business to the drawing board to ensure that your business plan is rock solid. Otherwise, whether you’re trying to sell an SUV or a salvage title car, you’re going to find it difficult to get your business off the ground.
You’ll also need to get licensed by the state of Michigan and likely incorporated (an “Inc.” business). Luckily, there are plenty of licensors throughout the state. You’ll need to determine whether you’re Class A, Class B, or Class W. Throughout this process, you’ll also likely be meeting with lenders and insurers as well to determine every piece of your business is in its proper place.
Finding a Location
Your location can have a major impact on the performance of your business. Not only do you need to be&… Read More
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