Does any one know EXACTLY what to do and what’s required to get a auto auction license in Louisiana???
Serena Asked:
Any and all details will help such as age requirements, payments, bond information.....I'd appreciate useful and related answers only...Thanx
Reply:
Theres is no easy process. It's all steps.
I believe you have to be 18 maybe 21 in your state.
You have to apply for dealers license with Motor vehicle. You have to apply for business license, you will have to determine what kind of business you will be (LLC, Corporation, etc) you have to most likely also apply for the department of revenue license to be a licensed dealer. You will have to undergo several background checks as well as fingerprinting, which can be done at the local police department. Not to mention it also helps to get your Notary certification. This is all on top of the $100,000.00 bond that has to be renewed each year at the cost of about $3000.00 per year. At least it does for me! That is just off the top of my head... And oh by the way it takes anywhere from 6 months to a year. Then you can have a dealers license and buy cars at auctions!
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US $9,250.00
eAuctionWorld.com
what type of permit/license to be able to enter the auto auction in my area?: Thank You asked…
You need an Auto Dealers license to buy cars at auctions. Doesn't matter what you do with them after your purchase. There would probably be another license required for export purposes.
Dont do it bro. The evo IV has a horrible crankshaft and that = MAJOR PROBS.. I kno this becuz i too wanted to buy the car. Had to change to an MR2 of which Im happy with.
Check out this Ferrari on copart lot# 22134829
how do I obtain a dealer's license to buy from Auto Auctions …: Before you can get an auction card which you need …
The vast majority of auto auctions are dealer only. And to become a dealer you need mandatory garage liability insurance which runs $2500-3500 a year. A wholesale license with bond probably runs $400-700 a year. And that allows you to buy & sell to & from dealers, not to the public.
Im sure there are plenty around houston. Probably even one open to the public. (They are typically bad auctions because the public doesn't have the money that dealers do)
That said, if you cant find a bargain out of your newspaper or off craigslist and resell it, a dealer auction isnt going to help you any.
I once bought a truck out of the newspaper for $1400. Sold it a few days later for $2900 and saw the same truck, 18 months later with 20,000 more miles bring $3200 plus fees at a dealer only auction.
Your best bet is to buy from the public and get open titles and sell them that way. If you cant make money that way, you cant make money buying at auctions.
PS, when I started, I took HUGE risks in that I went without liability insurance for many years. One serious accident could have wiped me out, had my license suspended and ensured I could never get a dealers license.
I was lucky. But nowadays, I dont bother with it because I dont do it enough to spend $3000 a year on garage liability and I wouldnt make enough to take the risk of losing my house and all my other assets (stocks) by wrecking a car I bought to sell.
Nowadays, you have to get big or get out.
To find the biggest auctions in your area, find a "black book" at a bank and look on the back. They list the auctions the days and the times.
However, my best deals have come from smaller auctions not listed on the back of the black book. You can actually buy at those, recondition them and sell them at bigger auctions for a small profit.
You will need a subsciption to black book by the way. Thats the "bible" for car values.
You will need a User Car Dealer Lic.
Cantact the Used car Commission
http://www.lrumvc.louisiana.gov/
Do you have to have a dealership license to attain a auto auction?
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