How To Make Money Trading Used Cars Part 3

By Owen Jones

In the first part of this short series on how to make money buying and selling used cars, we looked at what personal traits someone wishing to be profitable in this business would have to have. In the second section we looked at the best places to locate such a business and in this section, we will look into sourcing our stock - our vehicles.

So, where can you get second-hand cars or trucks from? You will probably get people coming in off the street attempting to sell you their vehicles. That is frequently a good source of supply, if you carry out the necessary checks to make certain that they are not stolen, but this source will dry up from time to time - particularly in the summer.

Other places to obtain supply are private auction houses, bankruptcies, bereavements and government auctions, where cars or trucks are often very heavily discounted.

At private auctions, anybody can bid for the lots that go under the hammer. Sometimes there is a minimum selling price, sometimes there is not, but the vendor must pay to enter his car in the auction anyway, which means that he has a vested concern in selling it to recoup this cost. If a car does not reach the minimum bid, try talking to the seller privately, you might pick up a genuine bargain.

If you are unaware of local car auctions where you live, try looking in the local paper under "Up And Coming Events" or in the Yellow Pages under "Actions" or "Car Auctions" or go on line and make the same inquiry including your region.

Government auctions are fantastic sources to buy stock of any type, including vehicles and machinery. These goods are usually either government surplus (new and used) or property seized from the public. In The USA, it is best to register your interest in the auction catalogues of the two main governments auctioneers: the Department of Defense and the General Services Administration (GSA). Other countries have similar bodies, which your local authorities can assist you to get in touch with.

These government agencies auction off tens of thousands of cars or trucks or every imaginable description every year in the USA. Cars and other cars or trucks make up a large percentage of these auctions in monetary value - you would really find it difficult to grasp how many cars or trucks the government owns in the name of the people, from limos to lawnmowers. They all have to be replaced regularly according to a schedule and the old ones are auctioned off.

The unbelievable fact that works so well in the business person's favour, is that the government is more engrossed in clearing out their sheds of all this stuff to make room for more than it is in turning a profit on it. All you need to do is register with the Department of Defense and the GSA and they will send you their auction catalogues automatically. This way you will have time to examine the goods before you tender.

The next part in this mini series will discuss how you can determine the value of the goods that are being auctioned off.

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