Starting A Dealership

• Crunch the Numbers. The amount of startup capital required to open a new or used car dealership depends on a wide variety of factors. It could range from a few hundred thousand dollars (or Euros) to a couple of million, depending on the type of inventory you're planning to stock.
• Consider the Type of Dealership. As touched upon, there are several primary types of car dealership you can opt to open. The first decision you need to make is if you want to be a franchised reseller of an existing, established brand, or if you're going to be an independent front.
• Perform Market Research. The next step is to perform market research to determine the demand for your products and services. This requires a bit more technical research than in other industries since you are managing an extensive selection of significantly-priced automobiles.
• Satisfy the Legal Requirements. While most dealership owners will talk about the extensive process of attaining the necessary capital to launch such a company, many will agree that it is the legal groundwork that needs to be laid.
• Obtain Licensing and Insurance. A fully-fledged dealership will need to go through the proper channels to ensure that it possesses sufficient licensing, insurance, and bonding.

• Become an entrepreneur… Or at least get in the mindset! Carlos had been an entrepreneur his entire life before he even got into the classic car business.
• Organize your startup costs. Like any business, you’ll need some capital to get things started, and a used car dealership has a lot of startup costs associated.
• Knowing Your Market and Choosing a Location. Once you have your initial costs figured into your business plan, it’s time to do the hard work that could make or break your business.
• Inventory. In our interview with Carlos, he explained that you need to be very careful about what you buy and that your target demographic would probably differ completely from his.
• Funding Your Car Dealership. We can talk about startup costs, location, and inventory all day, but to come up with the funds to get things rolling, you’ll need a solid business plan.

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