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AF veteran seeks advice on opening his own classic car dealership

I'm in the NW Louisiana area and after 22 years of service in the AF, I'd like to own my own classic car (i.e. collectible, muscle, performance car) dealership. I'd be willing to relocate to a larger city (D/FW, for example) to make this happen. I have the drive (no pun intended), ambition and the commitment, but my biggest hurdle is a credit score in the low 600s... is there any hope for a poor shlep like me? Perhaps I should try for something smaller, or forget the idea entirely and get a job passing out grocery baskets at Walmart? Please advise. Thanks.

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Answers (4)
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D&L Investments, LLC
Great Opportuntity **REDUCED**
Pottawattamie County, IA

John: Thank You for your years of service. I'm a current car dealership owner, who happened to get into it by accident. I also was a classic car buff in the day. Now I just sell what the customers want. What you propose to do is great if you can find the money or investors. The classic car market is a small part of the overall market. Remember for a 1965 Ford Mustang seller you have to find a 1965 Ford Mustang buyer. This is not an easy feat. Most dealers can't afford to buy classics and sit on them for years waiting for a buyer. I have a couple of classics now and I sell 5 other cars before I have any interest in a classic. But don't give up, if thats what you want to do, I say go for it.
Good Luck

Jan 17, 2010
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Business Brokers Of Nevada
Broker
Clark County, NV

I have been in the car business and I have found on the classics and collectible market 90% of it is done on consignment. This being said you would still need the cash to rent/lease a space, dealer license fees and marketing money.
There a very few lenders loaning to new clients in the automotive field.
If you have anymore questions you may email me @ rc@bbonv.com

Jan 13, 2010
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I'd be borrowing most of the $ if I could ever get this idea off the ground.

Jan 12, 2010
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Business Brokers Of Nevada
Broker
Clark County, NV

John I see that you feel your credit score is a concern. May I ask if you are planning to borrow most of the money for a business or do you have some of your own funds to start?

Jan 12, 2010

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