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Starting your own business is an exciting journey. Becoming an auto transport broker is even better. None of these were as easy as this one, auto transport brokering.
If done right, you can start your business today and make money tomorrow. So before you go running to start your new auto transport broker business, you should find and contact a few bonding companies. Without the bond, there is no business, so do that first.
Choosing a business name is very important. In fact, most of your potential clients will see your business name before anything else. If you have a name that looks and sounds like everyone else, you will get lost in the shuffle of the inbox. Imagine having to compete with 80 other emails. This number will be significantly higher if the person fills out one of those get 10 free quotes forms. So choose a name that represents you, your company and that will appeal to the kind of customers you want to attract.
Incorporating is basically choosing a legal structure. In fact, I highly recommend that you talk with both an attorney and an accountant. An EIN is an employee identification number also called a tax id. The next step is to file for your DOT authority.
This step is the longest step of them all. This is required by both brokers and carriers. So make sure you file for yours. Your BOC-3 Process agents are designated agents in each state to receive documents on your behalf. So make sure you get this squared away. The dreaded surety bond! If you do not meet this requirement in the 21 day period while your application is being processed for your authority, it will be denied.
You want to make sure you keep your business finances separate from your personal finances. Again, this is one of those times when I can say an accountant will be your best friend. The next step is choosing how you want to get paid. Some people choose to go through their banks merchant service while others choose a third-party.
Just make sure their rates and terms are very clear and that you weigh all your options. Who you choose as your brokering software will set the basis for how hard or easy you make your job.
So be sure to choose right. When you want to get paid from your clients is just as important as how you will get paid. Some auto transport brokers get paid upfront while others get paid on dispatch or pickup. Choose what works best for you. So take this time to write out your emails. This is one of the most important aspects of your business. Contracts can make or break you. You can find then auto transport broker contracts here. Central Dispatch is the number one Load Board for auto transport brokers, carriers and dealers alike.
You can not get on Central Dispatch until you have your active authority. Auto Transport leads is how you will make your money. Can you make money without buying leads? But I hope you have a really big budget. Auto transport leads are a great way to get access to potential clients who are looking to ship their car right now. This is one of the most important parts of what I teach in ReloAcademy. You can find a list of auto transport lead providers I recommend in the auto transport resource section here.
Last step in all this? When you start making connections, you start making money. So there you have it. The most important thing you will do is laying the foundation. Think of it as building a house. Then you get on to the good stuff. Same thing in your business. Laying the right foundation and getting your legal ducks in a row may not be fun or exciting. Heck, who likes to keep pouring out money? But once you lay that foundation? You get to move on to the fun stuff. Making clients happy and making money.
This article is very basic at best. Yes you can follow these steps and start your auto transport broker business, but if you are really serious about doing it the smart way? Then head over to ReloAcademy and join the auto transport broker training program. Leave it in the comments below. Your website is very helpful but I have taken the freight broker but I still dont no how to get cars to move. I can communicate with drivers I just dont no how to get the loads off the load boards.
Can You Please help? Are you a ReloAcademy student? If not fill out a contact form by clicking here: If your brand new in the auto transport industry is it true you need a database of carriers in order for shippers or large clients to even consider you as their broker or just signing up to central dispatch enough for you to get vehicles moving and shippers to trust you?
Signing up for central dispatch will be enough to get you started but over time, you need to be building relationships with carriers.
Before you can buy leads you need to be federally licensed. I highly recommend the guys at autotransportbrokerleads. Hey Leonard thanks for writing in. The answer is it depends.
ReloAcademy breaks down all of this for you: I noticed there is now a requirement for 3 years of relevant experience required for a brokers license? How is this enforced? Do they check this in the application process? Any loopholes if you do not have the 3 years experience? Brandon, as per the FMCSA, as of today, you are not required to have any experience to become a freight broker, freight forwarder or auto transport broker.
All you need to do is fill out the application and meet the insurance bond and other requirements. But experience is not one of them. Do you by any chance know can a foreigner start car shipping broker business in US? Is it necessary to be a US resident to open this kind of business? As long as you have access to a U. It is however best to consult with an attorney about the legal ramifications if something was to go wrong in your business.
Ashley, Thank you very much for all the information. It is very helpful. Do I have to pay dollars for bond in order to start? When you contact a bonding company they will tell you how much you need to pay. I highly recommend contacting Diane at pacific financial their website is pac-fin. She will help you get started.
Thank you for prompt reply, Ashley. I am thinking to purchase your training package. Are they the same? One is covering little more subjects than the first one, right?
Would it cover steps in detailed there? Both covers the same materials and both include complimentary leads. Hello AShely, I learn a lot watching you videos and thank you for sharing so much information. I currently run my own trucking company, my husband and I. We currently cover general freight but I am hoping to get in as a broker.