Several honest and hardworking Nigerians are making gains from being part time car salesmen. Bunmi Omotosho, who is a freelance accountant and auditor for small businesses in some Southwest states of the country. He is also a part time car salesman, a vocation where he has made a lot of money from.
Omotosho got into the business when he bought a Nigerian used car from a dealer and on making enquires to be sure it wasn’t a stolen car, he discovered that the dealer had originally bought the car at N750,000 but had sold it to him at N1.4 million.
More enquiries had led him into the business of buying used cars both locally and from abroad to sell within the country. His profit on the car sales, he says ranges from between N200,000 on low end cars to N2 million on high end cars.
Tips To Excel In The Business
In going into part-time car sales, Omotosho says, there are things that must be taken into consideration. One of such is your knowledge about cars. You need to know more about cars. “Most times, it is not just about investing but first of all having a firsthand experience. My firsthand experience was from buying my own car and then I asked questions,” he said. Asides from this, he adds that some dealers can be very greedy.
“So, you need to look out for someone who is not greedy, and at the same time you need to be fair on the return on investment. If you are dropping the funds and the dealer finds the car, it is best to do a 50-50 sharing formula unless the funding is from a loan, where the interest has to be separated,” he says.
He also explains that, as a dealer, you need to get a licence. However, being a part time salesman, it is better working with a dealer who already has the licence rather than going through the hassles of getting one.
“There are things that you need to know about cars generally, especially when importing from abroad. Cars from snow prone areas, especially Canada usually have rust but the ones from the USA do not have rust, the reason being that they use salt to melt snow and salt allows for rust.
“Also, there are different kinds of cars, but most people want accident free and the easy way to know that, asides from inspection is to do a search which is online and costs between $3 to $20, depending on the kind of report requested for.
“When buying from outside the country, it could be from individuals or from auctions but you have to be careful not to buy a stolen car. Same applies for local purchase,” he points out.