Motor Trade Insurance. Hmm...

[Mark101 536]

1 minute ago, D&M said:

Yes your right! But it'd be the Driver at the wheel who will get the 6 Points and the fine. I'm sure the owner will just get a fine. Unless the owner tells the police he didnt give permission and the driver would get done for TWOC (although it'd be funny to try and tell that to a copper with a straight face when you're sat in the passenger seat )

You could exercise your right to silence, that way they can only do the driver.....just saying.

Not sure how that works if you are sat in the car though.

[D&M 66]

Just now, Mark101 said:

You could exercise your right to silence, that way they can only do the driver.....just saying.

Not sure how that works if you are sat in the car though.

Carry handcuffs and a gag - excercise your right to silence and act like you've been kidnapped.... Win-win!

[Mark101 536]

1 minute ago, D&M said:

Carry handcuffs and a gag - excercise your right to silence and act like you've been kidnapped.... Win-win!

If you're gagged, you're not exercising your right, you have no choice.

[Row 71]

9 hours ago, trade vet said:

Hi Mad Mark

The bottom line if you have no experience.If you haven’t got 20 grand don’t even bother and if you have ,be prepared to blow most of that in the first 18 months.As for Flipping Cars,he seems a good guy but he only made 3 grand last year so he may not be as good at this job as you think.The guys on here who do well,despite what they say put in huge effort and work very hard and regularly cope with set backs that cost a lot of money.This job is now very complex and you need rhino skin to compete,so good luck.

This is it in a nutshell no more needs to be said.

[have a word with the wife 299]

On 12/18/2019 at 9:13 AM, trade vet said:

The guys on here who do well,despite what they say put in huge effort and work very hard and regularly cope with set backs that cost a lot of money.This job is now very complex and you need rhino skin to compete,so good luck.

how true

[Mad Mark 0]

On 12/18/2019 at 11:24 AM, David Horgan said:

To Mad Mark 

******Heed the above from trade Vet with every word , this is the absolute truth of the motor industry . *****

save up is a good plan before you start .

Insurance and trade plates are essential 

A good idea of the workings of cars is essential too . 

It can be done as I've made my Son do it the hard way from one car to where he is now . BUT he is a mechanical Genius and was before it all  started . 

You will need to be , a sales man , customer care person , financial advisor , telephone personality , mechanic , valeter , book keeper , warranty genius , very patient at times , be able to work people out as some are horrible nasty bastards , some are normal and some are delightful  . It will take an enormous amount of your time up and you have to think of it in a very professional way , its not a job its a life style change 

There are a lot of additional items you need to keep your self within the regulations and the laws . 

If you are going to do this job DO IT CORRECTLY . Or not at all . 

Thanks everyone for your feedback really appreciate it. Just getting round to reading the comments on here. 

I would like to have it done right if I was going to do it all and was genuinely curious so would be making sure to have the correct insurance and trade plates in place. 

I've took a very small first step you could say in purchasing the car dealer magazine for traders which has been an interesting read.

In terms of the hard work required that doesn't generally phase me I've been working for myself for the past 5 years averaging around 70-80 hour weeks and I'm pretty thick skinned. So not sure if that along with having an idea of how to do my accounts, dealing with customers daily and having to be self-motivated may help. 

I wouldn't expect it to be a walk in the park by any means, and to be honest most self employed folk or people who run businesses I automatically assume its not easy and have huge respect for anyone doing that. On top of that we have the luxury of no holiday pay, sick pay and other perks, wonderful!

In terms of what David said I was thinking it would definitely help to be mechanically able like your son. Unfortunately I'm not quite as skilled as him and have very basic knowledge when it comes to mechanics. I do have good sales skills though as that has been one of the main things I've been doing for the past few years. I could also go to auctions for example with a set figure in mind for a car and if it went over my price I'd be willing to pay I could go home empty handed without feeling the need of getting something for the sake of it.

I can also see a lot of people commenting seem to be doing fairly well or know of people in that position, seeing some comments for people with 100's of cars in their stock. 

To clarify, I'm by no means trying to be a mini Arnold Clark (not yet anyway), I'm just a guy who's always had a passion for cars and I do enjoy buying and selling things. Mainly looking to do this on a small scale to bring in even some extra cash a month and I'd rather take the knowledge and experience that comes with it first than thinking about any big bucks that can be earned as experience is invaluable in my eyes. 

Would be trying to go for selling 4 cars a month (probably a laughable target for most here) but I'm just trying to start small and try lower value cars of the buying price of £1000 - £2000. I could be wrong and hoping it wouldnt come to that but I imagine its something that happens in the business - if I can't get something shifted then taking a couple hundred £ loss for that vehicle at the end of the day wouldn't be the end of the world. I had a few questions if anyone would be kind in helping with (hopefully it helps others too):

1. I've read that a car stays in a dealers stock for an average period of 55 days, would you guys say that is accurate? I'd be looking to carry out intensive research on the cars before buying and try to only go with vehicles highly in demand. 

2. Are there any apps or guides you'd recommend to use when trying to find the true valuation of a car your looking at purchasing? I was looking at CAP

If I can begin to make an extra £1k - £2k a month between now and six months down the line while gathering the experience I'll be happy with that. Not sure if its important to mention but as I'm starting small I wouldn't be looking at an expensive forecourt or anything, I'm fortunate enough where we stay we have a small bit of land we could get around 5 cars on at a time so hoping that would cut some overheads out.

TIA

Edited January 11, 2020 by Mad Mark

[New year revolutions...... 197]

2. Are there any apps or guides you'd recommend to use when trying to find the true valuation of a car your looking at purchasing? I was looking at CAP

 

there's 2 fantastic apps that are the best

the bigger the better

they are usually placed between legs

[Mad Mark 0]

3 minutes ago, New year revolutions...... said:

2. Are there any apps or guides you'd recommend to use when trying to find the true valuation of a car your looking at purchasing? I was looking at CAP

 

there's 2 fantastic apps that are the best

the bigger the better

they are usually placed between legs

sure would get some strange looks if I whipped them out an auction and asked them to tell me a cars value 

[Ashley@UKGlobal 6]

On 17 December 2019 at 10:48 PM, Mad Mark said:

Hi guys,

I hope you're all well. 

So I'm new to the business and looking to start out with maybe 1 car at a time in the hope to sell 3-4 cars a month, however I've hit a major snag after putting in the research for the last 2 weeks I probably should have checked motor trade insurance prices first - bummer!

Phoned up Bollington insurance which I've read people got good deals from on here and was quoted over £3,000 for the year, which I just can't afford. The kind chap however did say that I'd be maybe best going down the temporary insurance route for each car I get so it allows me to drive it home etc for around £50 a car. 

The only issue I then seen was what if a buyer wants to test drive the car, would they require to be insured or do most buyers just chance it? As I'm sure there are many private sellers out there just selling the odd car without motor trade insurance.

And if the buyer did just chance it on a test drive and we got pulled over by the police who would be at fault and be hit with the points? 

Appreciate any feedback. 

Hi Mark, I am a motor trade specialist insurance broker and I would be happy to put a quotation together for you to see if we can obtain a cheaper premium, starting any business is tough and it's important to try and keep the overheads down where possible. I have helped lots of new traders get started with their first trade insurance  at a reasonable price. Feel free to contact me on 07590635644. Thanks, Ashley

 

[Kongah 0]

I've recently been recommended to read some information on https://www.aaappp.org.uk/ Has anyone used it? I think it's gonna be useful. 

I've recently been recommended to read some information on https://www.aaappp.org.uk/ Has anyone used it? I think it's gonna be useful. 

[David Horgan 564]

2 hours ago, Kongah said:

I've recently been recommended to read some information on https://www.aaappp.org.uk/ Has anyone used it? I think it's gonna be useful. 

I've recently been recommended to read some information on https://www.aaappp.org.uk/ Has anyone used it? I think it's gonna be useful. 

Tell us what its about when youve wasted time reading it , save the click pennies then wont it