You’ve Got Your License…What’s Next?

Owning an independent auto dealership can be rewarding on many levels, through the sales, services, and financing of used vehicles. But you know that already because you took that big step to get your Dealer License.

Wayne Reaves has been there and done that…and continues to stay in the fast lane supporting independent auto dealers throughout their dealer journey through classes, tutorials, videos, webinars, professionally designed websites, and of course, our leading ProDMS® software that helps independent dealers like you streamline and make those most of your day-to-day operations and profit opportunities.

A Refresher

Sometimes it helps to list those next steps in starting an independent dealership. While each state does have its own requirements, here is a general list of NEXT STEPS to help you plan and refresh your perspective.

Next Steps

Licensing

  • Complete pre-licensing courses: Course and requirements vary from state to state. Obtaining your license gives you the right to operate an independent car dealership by completing the relevant licensing requirements in your state.

  • Get a surety bond: A financial guarantee that you'll follow state laws and regulations.

Start-up Funding

  • Have a funding plan in place (or funds in hand) to have the money you need to launch your business. Like any new business venture, an independent car dealership can look into many finance options, such as: 

    • Outside investors

    • Business loans

    • Equity partners 

Business plan 

  • No business can get off the ground without a solid business plan in place. Your plan will be the platform you use to launch your dealership. A business plan should cover:

  • Details about your company and your team.

  • A customer strategy that reflects your market and location and your business goals.

  • Identify your market strategy (what sets you apart from your competition).

  • Your financial costs and earnings projection.

  • The roadmap that will guide your dealership’s operations.

Hiring Your Team 

  • Prioritize skills and experience: Look for people who are passionate about cars and selling.

  • Your service team brings in repeat customers and helps you keep stock moving. Find qualified and experienced technicians to lead this important department.

  • Your finance and insurance (F&I) department is an area where independent dealerships can stretch their margins and grow profits. Find an experienced lead to help organize financing for customers to make it easy to sell cars quickly and efficiently. Wayne Reaves ProDMS software features access to some of the industry’s best F&I integrations to help facilitate sales and financing for customers.

Website & Social Media

  • Design a website: Develop a strong, effective, custom dealership website that reinforces your brand and makes it easy for high-intent consumers to interact with your inventory. Wayne Reaves has a dedicated website team that designs professional, highly effective websites for dealers.

  • Use social media channels with your website to get top placements on search engines. When people in your city look for new vehicles in the area, they should be able to easily find your inventory and services online.

Marketing

  • An effective marketing strategy: Marketing will help you drive sales and business to your door. A professional, responsive website design with high-performing SEO (search engine optimization) will give you a strong digital footing online to synchronize your inventory with potential buyers. In addition to an expert website, other real-time marketing tactics like email direct marketing (eDM) and website advertising can also be effective lead generators.

  • Automotive market research: You can find statistical information about the automotive market through Consumer Reports and The Bureau of Labor Statistics for starters. You can also find important market insights through online topical press releases. Trend research is also beneficial to understanding how the used car market is performing at any given time.

Inventory 

  • Naturally, your dealership will need inventory. Wholesale automotive auctions (like ACV Auctions) can help you find the vehicles you need right away.

Ready To Launch!

Wayne Reaves congratulates you on your journey as a new independent auto dealer. With the right team, financing, and inventory you are on your way to success! As ever, please feel free to contact us—anytime—for a one-to-one consultation on our ProDMS software and professionally designed custom websites. We’re here to answer any questions or concerns you may have.