There’s definitely something about cars: the sparkling exteriors, the vroom they generate every time one hits the accelerator, and of course the traditional ability to accommodate room for an entire family to travel together, that makes more and more people purchase one. Some do it out of necessity, while others do it for the sheer exhilaration they get out of possessing these beautiful man-made creatures. Point being: cars are in and the business is booming. And this “business is booming” part opens the door for auto brokers to assist the potential customers and have them buy a car according to their needs, and in turn earn themselves a good deal of commission to seal the deal and move on to the next. In simple words, an auto broker acts as a middleman or an intermediary between the car dealers and the potential customers who don’t want to entangle themselves in all the hassles and formalities of buying a car. The auto broker will do it for them, as per asking. Though some might take this up as a full-time profession, rest can resort to it as a secondary job for increasing their income on the whole. The requirements for becoming an auto broker, skills needed, and the roles and responsibilities of the job are mentioned below. Vroom your scroll downwards and keep reading.
Becoming An Auto Broker
Officially, there are no specific educational qualifications needed to qualify as an auto broker, but it’s understandably advisable that you possess a good working knowledge of the automotive industry in order to assist your clients. And you’ll definitely need to obtain a dealer’s license, a selling permit, a DBA (Doing Business As) Permit from the respective motor vehicle authority of your region by fulfilling all the requirements and the paperwork. However, a procedure of obtaining licenses and permits varies according to the country you reside in.
There are no courses that you can pursue to become an auto broker. It’s completely up to you to more than acquaint yourself with all the knowledge and knowhow required to excel in the field. To become a successful auto broker, you need to be familiar, not only with existing prices but also with the latest trends in the automotive industry. You can choose to train yourself under an independent experienced auto broker and simultaneously, learn about everything there is to know through internet and magazines. Another way of gaining knowledge is by joining an automotive school in the region and learning about car dealership (if available).
An auto broker needs to possess a good working knowledge of the automotive industry: pricing, car models (new and old), their features, and anything there is to know. If you have a passion towards cars, consider half the job done.
Good people skills and communication skills are a must-have, as the job requires you to meet a lot of people from dealers to customers to other related people.
Also, good negotiation skills are needed to make a bargain between the price mentioned by the buyer and offered by the dealer.
Roles And Responsibilities
After the auto broker has obtained all the licenses and permits there are to get, he/she can either start to work at the dealership or independently, looking after the best of interests of his/her customers. By listening to their requirements, it is the job of an auto broker to suggest models or provide valuable information about the model that the buyer has already chosen. After this the broker needs to discuss about all the formalities with the buyer in detail and agree to a contract. The fee or commission of finding a new car is less than finding a good-used car as it is all the more difficult to find a used car that is still in good condition. The broker then needs to find and contact a dealer or an individual looking to make a sale, negotiate the best price, and then agree to a contract with him/her too. To avoid any confusion in future, generally, all the paperwork is done by the dealer. If the buyer is in need of a loan; it’s the broker’s job to go meet the bank or institution to complete all the legal procedures and make available the loan to the buyer. The broker needs to maintain a good working rapport with all the three parties by proving helpful and providing professional service, in order to increase his reputation in the market for future dealings.
Since the market is booming with new models being introduced regularly, the future for auto broking will be bright and provide good and steady income. Even if you already have a job, you can do this as a part time over the internet or telecommunicating, and if returns seem inviting, you can choose to turn this into a full time job. Depending on the model and degree of pain involved in cracking the deal, an auto broker can earn a decent income.
Becoming an auto broker is the best way to make use of all the built-up knowledge and help people make a good purchase for themselves. Make sure to keep your licenses in active state by complying with all the rules and regulations and avoid paying fines and penalties.