Table of Contents-The Fast Lane Car Trading System
Introduction to the Fast Lane System .................................................................................................... 9
Little work - Big returns ..................................................................................................................... 12
The amazing advantages of this business ......................................................................................... 14
Do you qualify? ................................................................................................................................. 15
Starting out: How Big a Business? ....................................................................................................... 17
Selling to the Public: the Pros ........................................................................................................... 18
Selling to the Public: the Cons........................................................................................................... 18
Ticking The Boxes .............................................................................................................................. 19
Selling to the Trade ........................................................................................................................... 20
Buying at Auction and Selling at Auction .......................................................................................... 22
Buying Used Cars ..................................................................................................................................23
Which Cars to Buy? ........................................................................................................................... 23
The Popularity of a Model ................................................................................................................. 23
The Condition of a Car ...................................................................................................................... 23
A Car's History ................................................................................................................................... 24
A Car’s Paperwork ............................................................................................................................. 24
Perceived Benefits ............................................................................................................................ 24
Buying Used Cars from Dealers ......................................................................................................... 25
How to Buy Used Cars From a Dealership ........................................................................................ 25
Look Professional .............................................................................................................................. 25
Introducing Yourself .......................................................................................................................... 27
Do Your Research .............................................................................................................................. 28
Viewing a Vehicle .............................................................................................................................. 28
How Much? ....................................................................................................................................... 29
Making an Offer ................................................................................................................................ 29
Your Rights as a Trade Dealer ........................................................................................................... 30
Performing an HPI check ................................................................................................................... 31
Ex-Lease Cars ..................................................................................................................................... 32
The Benefits of Buying Ex-Lease Cars................................................................................................ 32
Sourcing Ex-Lease Cars ...................................................................................................................... 33
Buying at Car Auctions ...................................................................................................................... 34
Choosing Your Auction ...................................................................................................................... 35
Set a Budget ...................................................................................................................................... 36
Buying from eBay .............................................................................................................................. 36
The Risks of Buying on eBay .............................................................................................................. 37
Pricing a Used Car .................................................................................................................................38
How to Find Out The Resale Value of a Car ...................................................................................... 38
Suggested Website: Autotrader ........................................................................................................ 38
Suggested Website: Parkers ............................................................................................................. 40
Suggested Website: Glass ................................................................................................................. 40
Problems to Look For When Buying a Used Car .................................................................................. 41
Checking the Exterior ....................................................................................................................... 42
Bodywork .......................................................................................................................................... 42
Checking the Front and Rear ............................................................................................................. 42
Paintwork .......................................................................................................................................... 42
Checking for Rust .............................................................................................................................. 43
Assessing the Colour ......................................................................................................................... 44
Wheels and Tyres .............................................................................................................................. 44
Lights and Mirrors ............................................................................................................................. 45
Boot ................................................................................................................................................... 45
Engine ................................................................................................................................................ 46
Checking the Interior ........................................................................................................................ 47
Check the Speedometer .................................................................................................................... 47
Seats .................................................................................................................................................. 47
Convertibles ...................................................................................................................................... 47
Carpets .............................................................................................................................................. 48
What to Look Out For During a Test Drive ........................................................................................ 48
Exhaust .............................................................................................................................................. 48
Engine ................................................................................................................................................ 49
Brakes ................................................................................................................................................ 49
Steering ............................................................................................................................................. 49
Suspension ........................................................................................................................................ 50
Checking Mileage .............................................................................................................................. 50
Documentation ..................................................................................................................................... 51
V5C .................................................................................................................................................... 51
The Vehicle Identification Number (VIN) .......................................................................................... 50
MOT Certificates ............................................................................................................................... 52
A Quick Word About Haggling With Dealers..................................................................................... 53
Haggling Over a Private Purchase ..................................................................................................... 53
Preparing a Used Car ............................................................................................................................ 55
Fixing Minor Problems: The Exterior ............................................................................................... 56
Light Dents and Scratches ................................................................................................................. 56
Removing a Minor Scratch ................................................................................................................ 56
Repairing a Deeper Scratch ............................................................................................................... 58
Fixing Small Dents ............................................................................................................................. 59
Fixing Minor Problems: The Interior ................................................................................................ 61
Calling in the Professionals ............................................................................................................... 61
Cleaning Soiled Carpets and Upholstery ........................................................................................... 62
Soiled Upholstery .............................................................................................................................. 62
Cleaning the Dashboard .................................................................................................................... 63
Removing Odours .............................................................................................................................. 63
Cleaning the Windows ...................................................................................................................... 64
Selling a Used Car .................................................................................................................................65
Choosing a Website to Sell From ...................................................................................................... 65
Pricing the Car ................................................................................................................................... 66
Writing Your Car Advert .................................................................................................................... 66
Writing an Advert: Good Example ................................................................................................... 67
Writing an Advert: Bad Example ....................................................................................................... 67
Taking Photographs .......................................................................................................................... 69
Dealing With Potential Buyers .......................................................................................................... 70
Communicating with Potential Buyers ............................................................................................. 70
Set a time .......................................................................................................................................... 70
Build Trust ......................................................................................................................................... 70
Be Respectful .................................................................................................................................... 71
Be Relaxed ......................................................................................................................................... 72
Apply Gentle Pressure ....................................................................................................................... 72
Test Drive .......................................................................................................................................... 73
Closing The Sale ................................................................................................................................ 73
“Thanks But We Have Others to See” ............................................................................................... 76
Selling to Friends and Family ............................................................................................................ 76
Selling at Car Auctions....................................................................................................................... 77
The Benefits of Selling at Auction ..................................................................................................... 77
The Downsides of Selling at Auction ................................................................................................. 77
Selling “as seen?” .............................................................................................................................. 78
Selling at Auction: the Process .......................................................................................................... 78
Selling to Other Traders .................................................................................................................... 79
The Importance of a Good Reputation ............................................................................................. 80
Legal Protection ................................................................................................................................ 80
How to Protect Yourself .................................................................................................................... 80
Offering a Warranty .......................................................................................................................... 81
Paperwork ............................................................................................................................................82
MOT................................................................................................................................................... 82
Log Book ............................................................................................................................................ 82
Invoice ............................................................................................................................................... 83
The Importance of Correct Documentation ..................................................................................... 84
Documentation and Legal Requirements ............................................................................................ 85
Trade Insurance ................................................................................................................................ 85
Third Party Only ................................................................................................................................ 85
Trade Insurance ................................................................................................................................ 86
Third Party Fire and Theft Insurance ................................................................................................ 86
Full Comprehensive ........................................................................................................................... 86
Trade Plates....................................................................................................................................... 86
Tax and VAT....................................................................................................................................... 87
Income Tax ........................................................................................................................................ 88
Forms of Payment ................................................................................................................................ 90
Accepting Cash .................................................................................................................................. 90
Cheques ............................................................................................................................................. 90
Credit/Debit Cards ............................................................................................................................ 92
Bankers’ Drafts .................................................................................................................................. 92
Easing a Customer’s Fears ................................................................................................................. 93
Avoiding Scams ................................................................................................................................. 94
Hagglers............................................................................................................................................. 96
Finally ................................................................................................................................................ 96
Car Dealer Slang Dictionary ................................................................................................................. 98
Common Car Advert Abbreviations ................................................................................................... 101