December 13, 2018  
 
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Opening an Auto Auctions Business

This advice is perfect for those who plan on opening an auto auction business. Read these tips before you begin your venture.

Going once, going twice, gone! We're here to sell you on the idea of starting an auto auction business.
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How to Create a Winning Auto Auctions Company Business Plan

If you've done your homework, you already know that writing a business plan is the most critical thing you can do for your company.

We'll add one more voice to the chorus writing a solid business plan is the most important thing you can do for your startup. If you take your business plan seriously, the end product will be a document that will guide your company through the critical first year and beyond.

Furthermore, a good business plan will help you avoid key startup mistakes. Lacking a solid business plan, many startups find themselves rudderless and incapable of executing consistent decision making processes, while committed business planners rely on their plans to guide all of their decision making and short-term planning efforts.

Don't Overlook Competitors

Prior to opening an auto auction business within your community, it's a smart move to determine how many competitors you have. Use the link below to find competitors near you. After clicking on the link, type in your city, state and zip code to get a list of auto auction businesses near you.

Before you open up shop, make sure you know what you will offer to your customers that provides a significant advantage over your competition's offering.

Learning More About the Industry

Once you've finished assessing the competion, it's essential that you learn as much as you can from somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. Why would they want to educate a future competitor?

Thankfully, an owner of a an auto auction business outside of your community can be a great learning resource for you, provided that you won't be directly competing with them. Many business owners are happy to give advice to new entrepreneurs It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.

How does one go about finding an auto auction business owner who is willing to advise you because you live in different cities?

We can help. Follow the link below, try a few city/state combos or zipcodes, and then start calling!

Acquisitions vs. Startups

Unfortunately, many inexperienced auto auction business entrepreneurs approach ownership with the mistaken idea that a startup is their only option when they could also pursue a business acquisition.

Unless you have compelling reasons to launch a new business, buying an existing auto auction business may be the better choice.

The good news is that an auto auction business acquisition is a recognized name and usually comes with a loyal customer base. The key is to locate a business-for-sale that closely matches your ownership philosophy and professional objectives.

Don't Forget About Franchising As an Option

You should know that your odds of growing your business increase if you opt for franchising rather than going it alone.

As part of your process in starting an auto auction business, a smart move is to investigate whether purchasing a franchise might be worth investigating.

The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.

Related Articles on Starting a Company

These additional resources regarding getting started as an entrepreneur may be of interest to you.

Free Business Plan Templates


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Already Own an Auto Auctions Business?

If you already are in business and came here to learn about growing an existing auto auction business, these resources will come in handy:

Marketing an Auto Auctions Business

Selling an Auto Auctions Business

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If you sell to auto auction businesses, you're in the wrong place. These resources are more appropriate for you:

Selling to Auto Auctions Businesses

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