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Any Car Dealer Owners?

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Old 11-22-2003, 04:15 PM
  #11
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Well, sorry for worrying about my future, I will be sure not to bring it up again.

Edit: I do see where you were coming from on the other thread, it is deleted.
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Old 11-22-2003, 10:38 PM
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If you oversell the State Maximum, you will need to keep proper books on the additional units and pay income tax on the profits and submit sales tax to the state. Also required will be a salesman certificate or piggybacking on a dealer's license. You will also need separate car sellers insurance coverage (can once again piggyback). The paperwork is significant, and is required.

Penalties are stiff.
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Old 11-22-2003, 10:49 PM
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I think ohio is 10.. don't forget about putting them in mom's,dad's name.. that makes 30
 
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Old 11-22-2003, 11:22 PM
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Of course, family sharing is definitely okay to do.
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Old 11-23-2003, 10:29 AM
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Selling cars? Run away from that thought as fast as possible!

My dad has one of the oldest if not the oldest dealerships in town (Since 1969). People think Im crazy for not wanting to take it over someday. They have absolutely no clue how much it takes to keep even a small carlot like ours going.

Buy a few a year and sell them on your own. Look for cars that just need some attention or a good detailing. A couple years ago I bought a 94 Grand Am for $1000, put another $200 into it (new tires) and spent the rest of the time detailing it. I then put it in the paper on a Friday afternoon, and sold it the next day to the first person that came for $3100 (and went to Vegas the following week!) Basically, I made $1900 for cleaning up a car.

Of course it doesnt always work that way, but I have many stories like that.
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