Toyota manufactures some of the world's most popular cars including Camry, Celica, Corolla and Lexus. They sell more cars than all of the other car manufacturers combined. The opportunity to open a Toyota dealership is very competitive. In addition to having substantial financing you also have to have other qualities to win the right to open one.
Items you will need
- Experience in the car industry
- $500,000 to $15,000,000 plus in financing
Get experience in the automotive industry. Be well versed in selling automobiles. Understand warranties, service and parts. You will be expected to know the ins and outs of the automotive industry and be able to run a dealership. Many franchise owners start by owning smaller automobile dealerships from different manufacturers and work their way up to a Toyota dealership. Others gain experience as an employee working for a dealership.
Decide if you want to purchase a Toyota franchise directly from the Toyota company or buy an established Toyota franchise from its owner. Keep in mind that Toyota has limited franchise opportunities available and the competition for them is stiff. If you purchase an established Toyota business from an owner, Toyota will still have to approve you.
Be an upstanding citizen. Toyota will do a background check and will not approve a convicted felon. This check will be done whether you purchase directly from Toyota or from a franchise owner.
Get your financing in order. The cost for a Toyota franchise will vary greatly depending on location. Prices range from $500,000 to $15,000,000 plus. You must have at least 15 percent down of money not tied to your assets.
Actively seek out a Toyota franchise opportunity by contacting Toyota and its franchise owners or by using a dealership broker (see Resources). Be persistent in your search as you do not know when someone will retire and sell a dealership or Toyota will open a new territory.
Purchase the Toyota dealership when you find one that you can meet the financial obligations and background requirements for.