How to become a lease broker

Hey everyone. I have worked with a few brokers in the past and enjoy spending time on this site just looking at cars and the numbers. I currently have a full time job where my average coworkers income is above 6 figures. Cars are a passion of mine and I wanted to take it to the next level. There are not a lot of brokers where I live- SW USA (not Tx or NV)

I was wondering if anyone knows what it takes to become a broker.

My plan so far

  • Reach out to BMW dealers(I know this brand the best and it’s a big seller here) in a 20 mile radius and get an appointment with the GM. Try to put together a spreadsheet with prices
  • From what I understand the dealership typically gives a cut $100ish per sale ? Rest comes from the buyer.
  • Talk to friends and coworkers to get my name out there. Hopefully they will talk to me when it’s time to buy a car.

What am I missing ? Willing to learn. Thanks

Have you looked into your state’s licensing requirements for being a broker?

1 Like

Yes I have. As far as I see brokers don’t need any special licenses. Few states like California need them. I am in AZ

Arizona has a specific lease broker license requirement

https://azdot.gov/motor-vehicles/professional-services/dealer-services-and-licensing/motor-vehicle-dealer-licensing/dealer-license-types

4 Likes
  • Kindly deal with the stalkers, morons, psychopaths, Karens etc that comprise the general population.

Good luck!

11 Likes

It wouldn’t be the GM, you’d be meeting with a Fleet / Internet Director or Sales Manager

$500 - $1,000 to a broker is the standard fee depending on deal quality.

There are licensing requirements that should be posted on your states DMV site.

To be honest being a real broker isn’t easy, you sound pretty new to it. I’d stick around the forum and learn a bit more about how the industry as a whole works before you decide to jump into it. Dealers don’t work with clueless brokers.

4 Likes

Have you searched the forum? This comes up regularly:

Thanks for the detailed reply. How responsive is the fleet or internet manager to a new broker? Is there anything I can do to show that I’m for real ?

I was going to set up a professional website and print business cards.

Thanks for the link.

The thread seems to imply a loophole where you can be a consultant without the broker license. Interesting detail I was not aware of.

The thread suggests that there are people may operate in such a way that does not meet the legal requirements and try to justify it by calling it something other than brokering. Personally, I wouldn’t recommend going into a business knowing that you’re skirting the legal requirements of doing so.

4 Likes

I’m always surprised that aspiring brokers don’t interview current brokers (there are plenty who would never be direct competitors to OP), or read their posts about nightmare customers, getting ripped off by their clients on commission , or cut out of the deal. And: some of the best stories don’t get posted, but there is lots of receipts to be found here.

Of course, anyone with email and a Venmo can sell phone numbers or post uncompetitive deals structured by their dealer (as long as they registered and paid here). The successful brokers? Are licensed, and bonded/insured, and have desking tools, and (gasps) professional phone numbers/email/websites.

3 Likes

Are you sure about that? lol

6 Likes

Absolutely not. I’m waiting for the brokers to speak up and prove me wrong.

You’re not wrong lol

Have you ever sold cars? I’d work at dealership and get some experience under you belt and see if you like it, it’s not for the faint of heart.

8 Likes

If a broker i don’t work with New or Not calls me they get hung up on :joy::joy::joy:

Depends how busy that fleet guy is already.

7 Likes

Lol yes the very licensed brokers who can’t answer phone calls during legitimate business hours. Above board all the way.

1 Like

No one’s gonna say it? Fine… anyone remember Karl Utz?!? :rofl:

Ok, that’s not fair. He wasn’t a broker… but he lasted… 2 months on LH?

6 Likes

We were beneath him… we weren’t ready for the Utz factor

1 Like

We are not worthy of his legendary customer service.

#feeltheimage

6 Likes