The automobile business is one of the vastest and most lucrative in the world, and it’s also one with a relatively low barrier to entry. You can start a business on a shoestring budget, even with no money at all if you’re smart enough. People are constantly looking to buy vehicles, have their vehicles serviced, and will spend a lot on their vehicles over their lifespan. All of this gives savvy entrepreneurs some great opportunities to make money. Here are a few automotive business ideas to try in 2022 and beyond.
Consider the Car Resale Business
Virtually anyone can get into the car resale business. Some people start with flipping one or a few vehicles that they found through sites like AutoTrader or even Craigslist and resale the vehicles to people in their community. You could also start something more serious like a used or new car dealership.
Starting an official dealership takes a lot of money and time, but there’s a lot of money to be made in the used dealership business if you’re well located and know how to find great deals.
Here, you might have to start looking at wholesalers and build relationships with businesses in your area as they’ll often unload old fleet vehicles to dealers. Another thing you can do to build your inventory is to attend auctions or buy cars in neighboring states.
If this is something you’d like to do, we suggest that you start searching for car transport services right now as they will play a major role in your business’s success. If you’re looking for a great one, check this out for more info.
The scrap business may not seem like the most appealing idea, but it is one of the most profitable. If you’re wondering how scrap yards make money, the model is pretty simple. When they value a vehicle, they don’t simply look at it as a pile of metal. They evaluate how much they can make from the parts and give an estimate that will allow them to make a solid margin and lower their risk. They can also recycle and even transform the metal from salvaged vehicles and sell it either domestically or internationally.
This is a business that doesn’t require a lot of money to start but is tightly regulated, so look at the laws in your area before you think about starting this kind of business.
Another area of the auto business that is surprisingly lucrative is the car detailing business, especially luxury car detailing. Every day people are not likely to hire someone to come to their house to clean their vehicles, but luxury car owners will and will pay top dollar for it. This is something that you could start with a vehicle, a few cleaning supplies, and equipment that you can rent. Make sure that you actually learn how to detail three kinds of vehicles before you get started, however.
These are all businesses that you could consider if you are interested in the auto business. They all have their pros and cons and have different levels of involvement and investment, so look at them in detail and see where you could see yourself thriving.