[champdmb]

i am looking to do an auto refi/auto insur broker business. just wanted to get a consensus on if you would refi your car? why? do you think this type of business will survive? feedbacks please..

[Warranties-For-Less]

Originally Posted by champdmb

i am looking to do an auto refi/auto insur broker business. just wanted to get a consensus on if you would refi your car? why? do you think this type of business will survive? feedbacks please..

Interesting,

I was in this business for years, auto lease and finance, and re-finance as well as re-lease, and offered insurance as well as extended auto warranties, so I know the industry well.

I expanded my regional business nationally by using internet, and this was before the big boys got into it like AutoByTel. It takes a ton of money to compete in this industry, so when you say you want to start this business, are you the banker?

There are many re-finance online sites, and many who have come and gone, so unless you have some great connections at a bank, or investor with deep pockets, this is not an easy business to start up. I sold out when I couldn't compete, was even offered regional position with AutoByTel, but selling cars through websites was new back then, now it is mainstream, just as I predicted it would be.

If you are simply looking to become affiliate offering these services, that is one thing, but starting a traditional re-finance business would be difficult, expecially in a recession like this. Auto insurance is also becoming an online industry with GIECO and Progressive very aggressive as far as advertising goes, so forget trying to compete with these giants, it is not possible from my experience in industry. I still sell extended auto warranties wholesale discount direct, and this is an industry which has been overlooked, but very profitable.

Good luck to all, Mike

[rogercbryan]

Originally Posted by champdmb

i am looking to do an auto refi/auto insur broker business. just wanted to get a consensus on if you would refi your car? why? do you think this type of business will survive? feedbacks please..

As the previous poster said... you'll need a ton of money to do this on your own. Your only other option is to be a reseller of someone else's services. This can still be very profitable. Try going to some of the buy here pay here dealerships in your local area. Right now they are all hurting from lack of sales so they may be willing to let you sell their finance products in order to generate income. Won't be easy... but could be profitable.

Roger