Small used truck lot

Owner-operators, small haulers, construction and landscaping firms and farms looking for an affordable truck.

You sell each truck for more than you paid plus reconditioning costs. Extra income can come from financing referrals, trade-ins and parts.

• Strong knowledge of truck mechanics and values
• Negotiating when buying and selling
• Basic bookkeeping and managing inventory

• Most states require a dealer license, surety bond and an approved location, so confirm details with your state and city
• Tight cash flow, since each truck ties up a lot of money until it sells, and used heavy trucks often cost tens of thousands of dollars each
• Garage liability and dealer's open lot insurance, check coverage with an insurance broker
• Title, lien, odometer, sales tax and FTC used vehicle rules, check what applies in your state
• Buying trucks with hidden faults, so inspect before buying
• Workers' compensation once you hire help

Startup costs are typically around $150,000 to $500,000, depending on your location, inventory and setup. Cash flow can be tight because each truck ties up money until it sells. These figures are estimates only.

Check with your state and city. Most states require a dealer license, surety bond and an approved location. Also check garage liability and dealer's open lot insurance, title, lien, odometer, sales tax and FTC used vehicle rules, and workers' compensation once you hire help.

Monthly revenue is typically around $10,000 to $50,000, depending on how many trucks you sell and at what prices. This is an estimate of revenue, not profit, and the work typically takes at least 30 hours a week.