Used Cars: opening a buy here pay here lot, insurance company, important things

Question
I am looking to open a buy here pay here lot. I have 10 years as a carsalesman and manager for a frod dealership. I guess I am asking what things do I need to be concerned with and besides repoing a car what other major concernes.

Answer
Well dont try to Expand yourself into something more than you can realistically handle.  Controlling your inventory is probably one of the most important things.  Make sure you have a second set of keys on everything you sell, and understand that regardless of how it may appear when you are selling the vehicle, you can never get more information about a person than you could need.  The people you will be catering to switch jobs a lot, move a lot, their phone numbers change a lot, and you just really need to be very thorough on who you approve.  Hopefully you are doing this with your own money, if you have to borrow to much right off the get go, it will catch up with you somewhere down the road.  I am just assuming that you already have your used car dealers license, you have an insurance company that is willing to bond you, and a banker that can help you if some months are really bad.  Dont let greed rule your deals, it is easy to make a lot of money in this type of business, dont get carried away with it.  I just say grow slow, and try to do things different than all the other tote the note lots, try to treat people, like people, and do them right.  It may take 5 years to see the advantage of this, but it will come.  Good luck.