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How do you open a Toyota dealership?
I’ve got a friend who’s interested in opening a dealership. He really wants me to help him do it, but I don’t know what it entails. What steps do you need to take to open a Toyota dealership?
Joshua Levy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Opening a Toyota dealership is a big process. To start, you’ll likely need to raise a minimum of $500,000!
That said, here’s what else it takes to open a car dealership:
- Make a business plan. Putting together a clear-cut proposal for your business can help you better understand what you need to get started. Plus, it can make it much easier to find private funding.
- Apply with Toyota. To open a Toyota dealership, you’ll need to get permission from Toyota first. While the application is fairly competitive, you can raise your chances by first gaining experience in dealership management or getting a degree in a relevant field.
- Research state laws. Each state has its own rules and regulations surrounding dealerships. Find out what state requirements you need to meet before you get started.
- Find a lawyer. Any time you open a franchise, you’ll need to deal with piles of documents outlining legal terms and conditions. A good lawyer can go a long way in making the process more manageable.
- Register your dealership. As is the case with any business in the U.S., you’ll need to register your dealership as a formal business.
- Get licensed. Finally, you’ll need a state-issued dealer license and dealer plates before you can start selling any vehicles.
Hopefully, this helps you understand a little bit more about what goes into opening a Toyota dealership. While these steps outline a general process, you should do more research to better learn your individual state laws and assess your personal circumstances.
While you’re learning more about opening a dealership, take a minute to save on car insurance with
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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