Want to trade properly so after a bit of help

[Kris w 0]

Morning all , sold a few cars private and seems harder and harder as people worry about what they are buying so now want to do things properly as a sole trader . 
I've got trader insurance with the test drive facility , I'm registered self employed for tax etc . I've had a meeting last week with a warranty company so that's all sorted . Found a mechanic that will do a health check / pdi and years mot so car is as good as can be . So problems I can't find answers for and are after a bit of help are 
1. Finance , been told I need to be registered cca and fca ? Looked up on gov. Site and can't make head or tail of it 
2. Wanted to be able to accept card payments seeing as more and more people ask to pay this way but bank said I can have one for my fencing business but definitely not for selling cars ? 
3. Anything else you can tell me would be gratefully accepted


 

[metcars 394]

It's a shame that Car Dealer Magazine can't do a "So you want to sell cars ....." type sticky for newbies?

[audispecialistlondon 1]

On 19 September 2016 at 0:21 PM, Kris w said:

Morning all , sold a few cars private and seems harder and harder as people worry about what they are buying so now want to do things properly as a sole trader . 
I've got trader insurance with the test drive facility , I'm registered self employed for tax etc . I've had a meeting last week with a warranty company so that's all sorted . Found a mechanic that will do a health check / pdi and years mot so car is as good as can be . So problems I can't find answers for and are after a bit of help are 
1. Finance , been told I need to be registered cca and fca ? Looked up on gov. Site and can't make head or tail of it 
2. Wanted to be able to accept card payments seeing as more and more people ask to pay this way but bank said I can have one for my fencing business but definitely not for selling cars ? 
3. Anything else you can tell me would be gratefully accepted


 

Hi,

To offer finance you will need to find a finance company that wants to work with you eg close brothers, Santander, Motonovo etc. All of those will want you to tick a range of boxes, mainly be authorised by the FCA as well as have a website etc. I think they also require you to be vat registered if you want to deal directly. I would advise working with a broker to begin with although you need to do all of the above in time anyway as finance is too Good a source of income to miss out. 

Card payments won't be an issue for you   Start by setting up a business account to work with one of the bigger companies eg global payments. If not there are other less known payment facility providers but they'll charge a higher %

It's all a bit catch 22 as the finance companies, payment facilities etc want to see some history but it's going to be difficult to run things properly until they give you a chance !

 

 

 

 

[Max Branning 149]

On 9/19/2016 at 0:21 PM, Kris w said:

Morning all , sold a few cars private and seems harder and harder as people worry about what they are buying so now want to do things properly as a sole trader . 
I've got trader insurance with the test drive facility , I'm registered self employed for tax etc . I've had a meeting last week with a warranty company so that's all sorted . Found a mechanic that will do a health check / pdi and years mot so car is as good as can be . So problems I can't find answers for and are after a bit of help are 
1. Finance , been told I need to be registered cca and fca ? Looked up on gov. Site and can't make head or tail of it 
2. Wanted to be able to accept card payments seeing as more and more people ask to pay this way but bank said I can have one for my fencing business but definitely not for selling cars ? 
3. Anything else you can tell me would be gratefully accepted


 

Dont run before you can walk !

Start selling a few cars and let nature take its course, things will fall into place within time. I am assuming you are gonna be closing your fencing business? Trying to buy and sell cars while running around putting fences up will be a nightmare, unless your just aiming to sell 1 or 2 cars a month from home on the side maybe? 

[Rory RSC 596]

Disagree with Max there. When I first started out trading I had alternative sources of income and could fit my other work around selling cars. 

I did not need to take a penny from my car sales business allowing me to re invest and kick start the initial growth from the 1 -2-3 cars. 

After a while when the business was taking shape and I could see the future vision I decided to focus all of my time on the car sales and sold one business and closed another to take over the site with expanding car sales company.  

Quite handy to have alternative source of income to get off the ground so be good to keep fencing going. 

[Becca Chaplin 20]

Hi Kris, 

I've moved your thread to Frequently Asked Questions. You should find a lot of help in this section of the forum. 

[James Baggott 227]

On 20 September 2016 at 9:10 AM, metcars said:

It's a shame that Car Dealer Magazine can't do a "So you want to sell cars ....." type sticky for newbies?

Nice idea...

[metcars 394]

On 03/10/2016 at 4:33 PM, James Baggott said:

Nice idea...

Would have to be done thoughtfully. Not the usual "I made a million selling cars and so can you!" type thing, or the "trade along with me in monthly installments" things you get at the back of the newspapers