Thank you so much for sharing information, I’ve always wanted to do this I just wasn’t sure how, this gave me info I didn’t know about. A year later even
I'm young and want to eventually do this, to start off I'm thinking of buying and parting out cars is there money to be made or would that be a waste of my time
Parting out is profitable too. My father ran a salvage yard in Tulsa where I grew up learning about the business and rebuilding. The place I live today was all built from the money my father made selling salvage and rebuilders both.
Yes they did. They lost all of their photos in some kind of a malware hack. I use autoastat.com now. It's a pretty good source with the same kind of information you would get from autoauctions.io
A lot of auctions, yeah you do. They're like $800-1500 in most states for whatever that state calls a wholesale dealers license (allows you to access auctions, buy and sell a dozen or so cars a year, not necessary to have a car lot or anything, but allows you to sell more than 2-6 cars per year). There are sometimes people that will allow you to use their license (claim you're an employee etc, provided you pay for the costs at the auction) for a small fee over the costs to buy, title, ship, if you go to the auction and meet them, develop a bit of a friendship, cry them the blues, etc. however, what you run into if you do flip cars full time, is hitting the limit on how many vehicles you can sell in your state per year before you need a dealers license. Also, you don't want to be picked up as a scammer or having committed fraud. It's expensive to get started, bit it's best just to get licensed as a dealer if you are going to be flipping cars. A wholesale dealers license isn't over the top if you're serious about it. That cost, and the scams people run, are why you see people sell cars with a third party title, the old "yeah sign the title, here's the cash, I'll fill in my info later." But they don't fill in their info, they just sell the car on to the next person with the previous owners info on the title. It's illegal, but people do it every day. It hides them from liability, taxes, and licensing requirements. I would encourage anyone that reads this, NOT to buy a car from someone who doesn't technically own it. It can also be used as a scam, when they have the previous owner in on a crime with them and the previous owner reports the vehicle as stolen, claims the signature was forged, and takes the car back from you after you paid what is essentially a stranger for it. Those are sometimes the ones that you find with a GPS locator in them (buy here pay here lots use them too though), and a third party title. A few months or even year down the road would you remember the details of the person that met you in a random parking lot to sell you a car? Especially if they never showed you ID, or had their photo taken? Most people don't, and those scammers use a fake name, walk away from the deal after they hand over the car and hoof it to be picked up later, and the buyer has no idea that the person selling them the car wasn't the one that actually filled out the title in many cases. You should always confirm it is their information on the title, and take a picture of their ID, the title, and the registration if it exists, as well as preserve any documentation of communications between you.
Brother. Thank you so much for the info. I had a lot in SW 29th St, OKC. called Alpha Rider Auto sales. I do build car since was a kid and learned that from my father. I did well well but I run into some troubles. on sales I was too emotional. even if its as is sales. I had 3 cars engine broke after 2 months. one of them single mom crying in my office. I had to write her check with 22 hundreds. my dealer friends told me Im going out of business and they were right. not bcz that only but also I was doing everything by myself. I mean buy the cars , fix them, paint them and run to the tag agency to do the paper. on top of the troubles that some cars have where I needed a smart mechanic. my overhead took big amount of my profit. I only stayed 7 months and get deployed again. but I learned my weaknesses. if I would do it all over. I would do it differently. I would get a wholesaler license and buy cleaned title wrecked cars. fix them up . and run them through the auctions. I won't deal with costumer emotions and I would build good reputations at the auction. The dealer who buy my vehicle, will not return it after 2 months. I know it doesn't happen a lot but I learned I'm not great costumer service rep. I'm currently on my deployment in the middle east. I will try to contact you when I'm back. just to get some good advice from your great experiences. Thank you in advanced.
In my home state, you can buy and rebuild salvage vehicles without a license. If your buying them with the sole purpose of making a profit, then you do need to obtain the proper licensing. States do vary on this, but as a general rule, you will need a dealers license. My state requires me to have a rebuilders license too, but not all states have that requirement. Very good question.
I just signed up through SCA to buy IAA cars. I noticed sometimes the bid one week are higher than the actual sold price the next week. Thanks for the info.
This is why you cant trust insurance companies , always , always bid the least and always low ball the heck out of them, insurance companies are RICH and can afford the profit lost of a totalled vehicle
No. That is not correct. If you pre-bid before the auction starts at 3K and the bidding stops at 1K during the auction, you will be awarded the vehicle subject to approval for the one bid increment above the last bid which should be either $1,025 or $1,050 depending on the auction. I almost never pre-bid so I'm not super familiar with that, but have done so in the past when I didn't want to sit around watching the auction and that is how the process worked for me.
To be VERY clear here this guy is telling you to NEVER counter bid because yes YOU might get it the following week and it MIGHT be cheaper but if you do counter bid and buy the vehicle HE will be unable to get that same car the following week for cheaper. So his advice is to recycle the cars back into the auction so that he can have another chance to be high bidder. IF everyone accepts the counter bid he is left with less cars at the auction and higher prices . it goes both ways it might save you money it might not but at the same time it reduces his chance of losing out on a car he wanted. if you want a car and can afford it or need it then buy it.
Not sure on your reasoning here? I do not get attached to any car in a sale and I'm not going to bid against myself to get one. If they can't accept my high bid when it sells in the auction, that's okay. Simply run it through next week and I'll either be the high bidder again, or it will exceed my set bid amount and I won't get it. I'm sure there will be another one to buy the following week. I sell my trades that I do not wish to mess with through Copart. My rep will call me saying 'I got you $1,800 on that Camry, what do you want me to do?" I reply don't let him get away but hit him with a counter at $2,250 and see if we can squeeze some more money out of him. If not, sell it to him for $1,800 when it gets close to the time to accept his bid runs out. A lot of times, he will get the bidder to counter raise that bid putting more money in my pocket. I'm just trying to give you a peek into the other side of the process here. If you want to counter bid, then by all means please do so because sellers like me appreciate that.
Just subscribe to your channel very informative. I bid on a car $1000 at copart pure sale. Is gping to run on the auction on july 10 how the process works? Is my first time bidding.
That bid should show up on your Copart dashboard as "winning" or "outbid". I'd watch it as it gets closer to the sale. Really no requirement as far as action until sale day. Hope this helps.
After completed, the vehicle is inspected and issued a rebuilt title. I fix and sell salvage like your asking, but I always have them inspected first and issued a rebuilt before offering them for sale. Finance institutions will not loan on a salvage title here, but will loan on a rebuilt title. Hope this helps.
I grew up running around in a salvage yard my father owned. When I became a teenager, I started going with him to the 'salvage pools' as they were called then and learned everything from my father. He is ninety-one years old and we have been partners for thirty-one years now. It's awesome to be able to work together and see my father everyday.
I know this video is a year old, but thanks for the info. I want to start buying and flipping cars so any amount of information I can get I'll take.
Thank you so much for sharing information, I’ve always wanted to do this I just wasn’t sure how, this gave me info I didn’t know about. A year later even
First time here, I like your channel.
I'm young and want to eventually do this, to start off I'm thinking of buying and parting out cars is there money to be made or would that be a waste of my time
Parting out is profitable too. My father ran a salvage yard in Tulsa where I grew up learning about the business and rebuilding. The place I live today was all built from the money my father made selling salvage and rebuilders both.
Thank you for your guidance for the new guys.
What happened to Auto Auctions IO, did they close down?
Yes they did. They lost all of their photos in some kind of a malware hack. I use autoastat.com now. It's a pretty good source with the same kind of information you would get from autoauctions.io
Im down in OKC - do i need a dealers license to buy these parts cars from the auctions? Thanks in advance!
A lot of auctions, yeah you do. They're like $800-1500 in most states for whatever that state calls a wholesale dealers license (allows you to access auctions, buy and sell a dozen or so cars a year, not necessary to have a car lot or anything, but allows you to sell more than 2-6 cars per year). There are sometimes people that will allow you to use their license (claim you're an employee etc, provided you pay for the costs at the auction) for a small fee over the costs to buy, title, ship, if you go to the auction and meet them, develop a bit of a friendship, cry them the blues, etc. however, what you run into if you do flip cars full time, is hitting the limit on how many vehicles you can sell in your state per year before you need a dealers license. Also, you don't want to be picked up as a scammer or having committed fraud. It's expensive to get started, bit it's best just to get licensed as a dealer if you are going to be flipping cars. A wholesale dealers license isn't over the top if you're serious about it.
That cost, and the scams people run, are why you see people sell cars with a third party title, the old "yeah sign the title, here's the cash, I'll fill in my info later." But they don't fill in their info, they just sell the car on to the next person with the previous owners info on the title. It's illegal, but people do it every day. It hides them from liability, taxes, and licensing requirements. I would encourage anyone that reads this, NOT to buy a car from someone who doesn't technically own it. It can also be used as a scam, when they have the previous owner in on a crime with them and the previous owner reports the vehicle as stolen, claims the signature was forged, and takes the car back from you after you paid what is essentially a stranger for it. Those are sometimes the ones that you find with a GPS locator in them (buy here pay here lots use them too though), and a third party title. A few months or even year down the road would you remember the details of the person that met you in a random parking lot to sell you a car? Especially if they never showed you ID, or had their photo taken? Most people don't, and those scammers use a fake name, walk away from the deal after they hand over the car and hoof it to be picked up later, and the buyer has no idea that the person selling them the car wasn't the one that actually filled out the title in many cases. You should always confirm it is their information on the title, and take a picture of their ID, the title, and the registration if it exists, as well as preserve any documentation of communications between you.
Brother. Thank you so much for the info. I had a lot in SW 29th St, OKC. called Alpha Rider Auto sales. I do build car since was a kid and learned that from my father. I did well well but I run into some troubles. on sales I was too emotional. even if its as is sales. I had 3 cars engine broke after 2 months. one of them single mom crying in my office. I had to write her check with 22 hundreds. my dealer friends told me Im going out of business and they were right. not bcz that only but also I was doing everything by myself. I mean buy the cars , fix them, paint them and run to the tag agency to do the paper. on top of the troubles that some cars have where I needed a smart mechanic. my overhead took big amount of my profit. I only stayed 7 months and get deployed again. but I learned my weaknesses. if I would do it all over. I would do it differently. I would get a wholesaler license and buy cleaned title wrecked cars. fix them up . and run them through the auctions. I won't deal with costumer emotions and I would build good reputations at the auction. The dealer who buy my vehicle, will not return it after 2 months. I know it doesn't happen a lot but I learned I'm not great costumer service rep. I'm currently on my deployment in the middle east. I will try to contact you when I'm back. just to get some good advice from your great experiences. Thank you in advanced.
I’d like to pay you for your time and knowledge let me know I have some questions
How do you start a business rebuilding these salvage vechiels you need a dealers license right and.a auto repair business license right
In my home state, you can buy and rebuild salvage vehicles without a license. If your buying them with the sole purpose of making a profit, then you do need to obtain the proper licensing. States do vary on this, but as a general rule, you will need a dealers license. My state requires me to have a rebuilders license too, but not all states have that requirement. Very good question.
@@buyrebuildfliprepeat8751 thank you very good information
Freddie I love cars but Holy cow that was crazy
I just signed up through SCA to buy IAA cars. I noticed sometimes the bid one week are higher than the actual sold price the next week. Thanks for the info.
Abbreviations without explanation...SCA, IAA ? Thanks. Great video, Subscribed!
This is why you cant trust insurance companies , always , always bid the least and always low ball the heck out of them, insurance companies are RICH and can afford the profit lost of a totalled vehicle
If you put down a pre-bid say 3k for something and the the other bidders stop at say 1k the computer program will automatically pull all your money.
No. That is not correct. If you pre-bid before the auction starts at 3K and the bidding stops at 1K during the auction, you will be awarded the vehicle subject to approval for the one bid increment above the last bid which should be either $1,025 or $1,050 depending on the auction. I almost never pre-bid so I'm not super familiar with that, but have done so in the past when I didn't want to sit around watching the auction and that is how the process worked for me.
Hello!can you send the car to Russia if I buy it from you?
I do not export. Sorry.
To be VERY clear here this guy is telling you to NEVER counter bid because yes YOU might get it the following week and it MIGHT be cheaper but if you do counter bid and buy the vehicle HE will be unable to get that same car the following week for cheaper. So his advice is to recycle the cars back into the auction so that he can have another chance to be high bidder. IF everyone accepts the counter bid he is left with less cars at the auction and higher prices . it goes both ways it might save you money it might not but at the same time it reduces his chance of losing out on a car he wanted. if you want a car and can afford it or need it then buy it.
Not sure on your reasoning here? I do not get attached to any car in a sale and I'm not going to bid against myself to get one. If they can't accept my high bid when it sells in the auction, that's okay. Simply run it through next week and I'll either be the high bidder again, or it will exceed my set bid amount and I won't get it. I'm sure there will be another one to buy the following week. I sell my trades that I do not wish to mess with through Copart. My rep will call me saying 'I got you $1,800 on that Camry, what do you want me to do?" I reply don't let him get away but hit him with a counter at $2,250 and see if we can squeeze some more money out of him. If not, sell it to him for $1,800 when it gets close to the time to accept his bid runs out. A lot of times, he will get the bidder to counter raise that bid putting more money in my pocket. I'm just trying to give you a peek into the other side of the process here. If you want to counter bid, then by all means please do so because sellers like me appreciate that.
Just subscribe to your channel very informative. I bid on a car $1000 at copart pure sale. Is gping to run on the auction on july 10 how the process works? Is my first time bidding.
That bid should show up on your Copart dashboard as "winning" or "outbid". I'd watch it as it gets closer to the sale. Really no requirement as far as action until sale day. Hope this helps.
Wow some really great info thanks
❤️ from 🇨🇦
So on the finished vehicle that you sell is it usually clean title or salavage ? I wonder if I could fix salvage and sell selvage at good price
After completed, the vehicle is inspected and issued a rebuilt title. I fix and sell salvage like your asking, but I always have them inspected first and issued a rebuilt before offering them for sale. Finance institutions will not loan on a salvage title here, but will loan on a rebuilt title. Hope this helps.
Not if flooded
Were you self taught fixing cars or schooling
I grew up running around in a salvage yard my father owned. When I became a teenager, I started going with him to the 'salvage pools' as they were called then and learned everything from my father. He is ninety-one years old and we have been partners for thirty-one years now. It's awesome to be able to work together and see my father everyday.
My girlfriend sold hers had trouble with started button
Why that is junk
Lol your an idiot. Stay poor asshole
Are u kidden me