When buying and selling vehicles, what makes the deal successful? How do you establish yourself as a business in the motor industry?
Sales experience will be invaluable. But just as important, these days, is great customer service and a solid, professional knowledge of proper process.
You will need to follow the proper steps to make everything compliant with the law. Having the proper documents is also crucial. For instance, the seller needs to have the relevant record, in this case, a V5C or logbook. You will need the form to initiate the transfer with the DVLA (Driver and Vehicle Licensing Agency) offices. And you will need a clear understanding of insurance services and how they are relevant to the transfer of vehicle ownership.
Having a clear grounding in all the procedures involved in buying and selling a vehicle means that you will be seen as reassuringly professional are you are much more likely to secure a deal that doesn’t fall through. Here are our top tips to help you succeed in the business of buying or selling vehicles.
Do Proper Research
When you set foot in the market looking for cars to purchase, the likelihood is that you have specific models in mind. This will make you look for all the respective dealerships offering that particular type. As you proceed with the purchase, make sure that you do thorough background checks on the attributes of the various cars you find. Look at the essential elements such as mileage, quality of the accessories and wheels, the efficiency of the hydraulic and brake systems. It is always worth doing a road test as well if at all possible.
When selling, it is essential to understanding the market well. Checkout industry guides, such as Autotrader, to see what you can expect for your type of vehicle, including make and model, age, mileage and condition. Also, look at the new regulations coming from the authorities for your industry. Remaining compliant with the law is critical.
The Relevant Documents
In the UK, everything to do with car transfers is clear. Having the correct documents is what makes the whole process successful. These days, the internet has massively simplified the whole process. It is effortless to undertake a car transfer online by simply going to the DVLA website. At such sites, the buyers and sellers both find the transfer quick and accurate.
The seller needs to have a V5C or logbook since it captures a lot of relevant information essential for the process. The documents show who the vehicle’s current owner is and any other specific detail of the car, such as the registration number. Through the V5C, you can effortlessly inform the DVLA about the changes in the ownership of the vehicle through a purchase.
Technically, the name on the logbook means that he or she is the owner. Therefore, a buyer ought to ensure that the details on such documents are clear and on-point. If there are errors in the filling, the government office (DVLA) will help solve the problem. After the purchase is complete and you want to edit information on your address section, you will use the same website to initiate the changes.
Take Up Insurance Cover
Risks are always unexpected. These untimely occurrences can catch you off-guard hence leaving you confused about what to do next. Insurance cover is not only legally required, but it also gives you peace of mind. Insurance will cover you for accidents, thefts, fires, natural calamities, and other risk factors.
As you consider other things, never forget about the aspect of affordability. This is where you compare different quotes for the motor trade insurance cover. Whether you are selling and buying cars full-time, renting vehicles, running a vehicle repair store, valeting or any other vehicle-related business, assess options matching what you do.
Many vehicle traders are going for the road risk insurance policies as they tend to cover you if you are running the business from home. You, too, can enjoy this coverage by paying the relevant premiums with your insurance company. At some point, consider upgrading your premiums and go for a comprehensive road risk insurance policy. It will cover you against several risks such as theft, fires, road accidents, vandalism. And it includes any damages which happen to the vehicles while at home.
Another common option is the combined insurance cover which protects your business when working at the main commercial premises. What if your garage or forecourt is separate from the home address? The combined trader’s insurance policy will serve you well.
When choosing an insurance company, consider other perks, such as the free updates of the MID records. Check if the firm offers coverage to an unlimited number of cars under the insurance policy. Also, focus on the possibility of adding other people into the coverage, such as your spouse or close family members.
Proper Planning
The planning of your motor vehicle business entails many things, such as creating programs for repairs. When dealing with second-hand vehicles, have a team responsible for handling the different repair and maintenance work. Have a strategy that makes you track every vehicle’s condition while at the store. When a buyer comes, be in a position to explain in detail everything about each vehicle.
Your transparency is the foundation of better customer relationships, which is a plus for your business. Try your level best to ensure that the vehicles you sell are in the best possible condition, and will serve the buyer for long time without developing faults. Invest in modern repair equipment to turn out top-quality vehicles. In the long-term your business will rest on your reputation and that will only be as good as the quality of the vehicles that you put up for sale and reviews from satisfied customers.
It is important that you maintain relevant records. When selling vehicles, have ready receipts with clear details of the transaction. As well as making it clear that your business is legitimate and professional, receipts and records are important for underwriters, who may sometimes want proof of trade before issuing a motor trade policy.
These days it is not enough to be a great sales operation when you are in the motor trade. Frankly there is so much information available online that customers can see for themselves what a vehicle is worth. And they can see for themselves what other customers think of you. So make sure that you stand out for all the right reasons, as a firm that is reassuringly professional and goes the extra mile on customer service and consideration.