Start Leasing and Financing Cars

[somersj001]

Hi, I'm looking to start leasing and financing cars. I'm in Northern Ireland BTW.

I assume I make profit using admin fees?
Where do you access the deals to offer on? I have seen franchises etc but they seem like a waste of money to me? Surely theres a way to acquire such lists from the manufacturers?
What exactly would my job entail? Do I act as a middle man to a firm?
Any other comments anyone can make on this idea?

Very early stages in the thought process but looking forward to reading some responses

Thanks

[somersj001]

KevinCamaroSS said:

First questions to ask for me would be:

1) What regulations do I need to comply with?
2) Where will I source my financing from?
3) Where will I source my cars from?
4) Can I be competitive against existing providers?

I've looked into regulations, and have some different options for financing and leasing. The reason I was asking was in hope that someone could recommend other places or companies that I could contact to give me the best chance at competing with existing providers.

Thanks for the positive response

[somersj001]

MDMA . said:

don't take this the wrong way, but you are looking at setting up in business with no clue as to what it entails or how to go about it.

good luck.

Do you ever want to try something new? Probably not, so you'll never understand.

Thanks for the negativity though, if you've no productive input keep it to yourself.

[somersj001]

culpz said:

As above really. No offence intended here, but you don't really seem to have a plethora of knowledge in general on leasing cars as a business point of view.

I admire your enthusiasm to want to start your own business but there are that many companies out there doing the same thing, who are already well-regarded with good reputations in the sector, that i think you would genuinely need some kind of USP or know some decent contacts to set you up on the off.

A friend's uncle of mine had his own car leasing business a number of years ago now. He turned it into a family-run company and was very profitable for a good few years. He specialised in prestige cars due to some contacts he knew and ended up with a decent fleet that he put out at competitive prices. However, things started to go downhill when his contacts could only provide him with much cheaper and basic cars that his customer's didn't want. Unfortunately, the business ended up going into liquidation shortly afterwards.

In all fairness, at the time, i don't think leasing was booming as much as it is today. There were also other factors that definitely lead to the company's demise. I'm in no way a businessman and i don't want to put you off as that's not my intention. I'd just strongly advise to do ALOT of research and definitely come up with a plan going forward. It's most definitely a very competitive area of business and you will going up against others who have had many years experience doing the exact same thing.

None taken, this is the research stage anyway and I don't plan to dive into something without doing home work. I've some ideas to make my business stand out from the rest. I'm also not going at it alone as I have a potential partner who sells cars. Leasing and finance would just give me that bit more to offer.

Thanks

[somersj001]

CaptainSlow said:

Are you looking to be a broker or build up your own portfolio?

I'd ideally like to build up my own portfolio.

Thanks

[somersj001]

Eric Mc said:

Also - you will need to know and understand the very complicated accounting regulations surrounding businesses that lease assets. It's a very complex area in regards to accounting, the legal regulations, insurance and tax.

Speak to someone with experience in the trade.

Speak to an accountant.

I have an accountant, it's the rules and regulations that I'll have to do a bit more research on.

Thanks