Salvage Auction?
Does anyone know of any Salvage Auction places in Southern California? Also do you have to have any licenses to buy besides a Drivers License. And lastly if I buy one do I have to have any licenses to re sell it for profit?
Anyone????
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you will probably need a dealers license if you plan on selling more that 4 cars a year.
I work for the largest reseller of salvage cars in the world. go to http://www.copart.com
In order to buy from a salvage auction, you have to have a dealer’s license, federal and state tax IDs, and a BID card issued by the DMV.
Joe Public cannot walk in off the street and buy cars from us. Or any salvage auction that I am aware of.
I run a dealership and go the auctions to buy cars for my lot. If you are buying a car at an auction and they allow the public in, it is a scam. Public car auctions are worst place to buy a car, you are bidding on people who have no idea how to buy a car, how much they are worth and buying on emotion and hype.
Also, selling salvage is hard. People are leary to be them. You may save yourself a lot of headache and leave the acutions to people who know the auction game.
I too am in Southern California and there is a huge market for selling inexpensive cars. For a non licensed person I would try Autotrader.com and other advertisers and try to find some deals in there and try to talk people down from there asking price. Then detail it, a little touch up work and resell it for profit.
In order to have a license in California you have to have a dealer license, $50K bond, insurance, a commercial locations with a minimum of 2 parking spots to display cars (almost impossible to get a city to allow them anymore) and list goes on. Unless you sell 10 cars or more month you could never make enough money to offset your cost.
Careful, people try to scam you by saying you can just get your wholesale license which will gain you access to the auctions. While this is true, you can not retail the car with this license. You can only resale at auction or sell to another dealer. Autotrade.com is your best choice.
good luck