Ferrari Mailing List: Re: Your past is catching up with you. Know your broker.

[Larry Bard (larrybard]

Licensing may depend on a given jurisdiction's definition, but it seems to me the functional definition is much the same as in the securities context -- if you are acting purely as an intermediary between buyer and seller, and have no economic interest in the property, then you are a broker.  If you have an ownership interest in the property -- typically, selling as principal out of inventory -- then you are acting as a dealer.
 

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Date: Fri, 21 Oct 2011 14:15:26 -0500
From: BrianBuxton [at] BuxtonMotorsports.com
Subject: Re: [Ferrari] Your past is catching up with you. Know your broker.
CC: ferrari [at] ferrarilist.com
To: larrybard [at] hotmail.com
 

I am curious though on what people define as a broker.  There seems to be a lot of negative opinions on brokers, from what I've read in the last few days exchanges.  Auto dealers hold licenses in their respective states, and brokers do not, correct?  Dealers actually buy and own what they are selling, while brokers attempt to sell something they don't own with someone else's money while taking a fee for their efforts.  Correct?  Is a dealer who puts a buyer and seller together, "brokering" a deal, considered a broker?

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