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| Chalky. |
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Chalky.
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| WildGoose |
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WildGoose
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| Steve H |
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Steve H
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 Posted: 12:03 - 04 Apr 2011  Post subject: |
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You don't have to register with anyone to set up as a car trader (nor indeed the majority of other businesses)...
You could try the RMI for a bit of advice but I would suggest that your local Trading Standards Department would be best informed to advise you on your legal obligations.
A quick (and by no means an all encompassing) precis...
The primary piece of criminal law that was pertinent to the car industry used to be the Trade Descriptions Act however that’s been repealed and replaced with the Consumer Protection from Unfair Trading Regulations
If you’re a trader you have certain obligations to your customers that you don’t have if you’re selling as a private individual... A Trader’s Guide
Then there's your obligations under the Companies Act to have specific details on paperwork and at your place of business. Possible credit licence applications. Pricing legislation requirements, the list goes on...
Goose's advice is pretty much spot on though.
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The BCF Top TEN - 2010, 2009, 2008, The Original. |
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| Shaft |
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Shaft
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Posted: 20:39 - 04 Apr 2011  Post subject: Re: Becoming a motor trader |
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| Chalky. wrote: | Been trawling through google but can't find anything of particular use.
I want to set up as an official motor trader.
I don't really want to be VAT registered, but if I have to I will. I'm not sure I will exceed the turnover limit, probably be close though.
Anyone know what I need to do?
Cheers |
I'm guessing you're after selling a few cars from home, rather than opening a dedicated site?
All you really need to do is get some business cards printed and you're off, there's no actual procedure for becoming a trader; of course, if you're doing everything legit, then you need to declare your earnings, do some accounts and keep an eye on your turnover, as it's pretty easy to have £70K's worth of cars slip through your fingers (25 cars at £3K and you're over the top).
Frankly, I would avoid getting involved with VAT if you can, all you'll be doing is paying out, because you'll have very little you can claim to offset the profits, plus you've got the added hassle of doing the return and making sure you've got the money, otherwise you'll be into late penalties.
To avoid all the unfair trading nonsense, I would steer clear of the general public (who are mostly aggravating tossers) and trade to the trade; buy from papers, the net and auctions, then sell them via auctions again, or into dealers, who won't be constantly on your case because you've sold them a pup.
This involves short profits and fast turnover, but it's a lot less aggro than retailing.
What you do need is contacts and lots of them; leg it round your local dealers (although these days, most big main dealers have a policy with trading, that usually involves sending everything to auction) and try and get in with the sales staff, especially the guy who is responsible for disposals, then be prepared to take a few very small profits, just to get a foot in the door.
The trick to trading is knowing what you're going to do with the car, before you buy it, even better, have it sold before you buy it.
It's a tough world now, but there is money to be made.
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20 RE Interceptor, 83 Z1100A3, 83 GS650 Katana
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| Shaft |
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Shaft
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| Chalky. |
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Chalky.
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| Robby |
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Robby
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| Shaft |
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Shaft
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Posted: 21:33 - 06 Apr 2011  Post subject: |
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| Chalky. wrote: | Good info, cheers.
As I'm starting to sell higher end car it will become purtinant to become a trader, for ease of selling and the premium.
Anyway, doesn't matter.
Distinction Automotive?
Good name? |
Gotta be honest, don't like that name at all.
Look through some high end magazines and look at the names; unless it's a long established garage, it's nearly all the proprietor's name or something evocative or olde worlde, like 'Old Hall Garage' or similar.
Using your own name is often preferable (if you've got a naff name, change it) because it conveys a promise of personal service, whereas buzz speak type names make you seem at arms length.
Also, get yourself a gimmick, there's lots of traders out there, you need to stand out and be memorable; for example, I discovered I had a really forgettable name, so I remembered a story I'd been told about a salesman who always wore a buttonhole and took to wearing outrageously loud ties. Customers didn't always remember my name, but they always remembered 'that bloke with the tie'.
____________________
Things get better with age; I'm close to being magnificent........
20 RE Interceptor, 83 Z1100A3, 83 GS650 Katana
WooHoo, I'm a Man Point Millionaire! https://www.bikechatforums.com/viewtopic.php?t=234035 |
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| colin1 |
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colin1
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| Chalky. |
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Chalky.
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| Steve H |
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Steve H
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| Posted: 21:38 - 06 Apr 2011 Post subject: |
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Shaft
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| TimNorwich |
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TimNorwich
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WishayKillie
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Wafer_Thin_Ham
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| Chalky. |
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Chalky.
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| dogbot |
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dogbot
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Posted: 11:13 - 07 Apr 2011  Post subject: |
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| Chalky. |
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Chalky.
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| Posted: 11:48 - 07 Apr 2011 Post subject: |
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Driving Force?
This is harder than dealing the bloody things  |
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| D O G |
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D O G
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| mad4it028 |
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mad4it028
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Old Thread Alert!
The last post was made 15 years, 185 days ago. Instead of replying here, would creating a new thread be more useful? |
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