I get that Edd's labor (or is it labour?) isn't free, but the premise of the show is to prove that car enthusiats can find cars, fix them up, and sell them. I don't count my labor when estimating a profit on a car I've flipped. As far as needing lots of tools, I don't have a vast assortment but have what I need to do most jobs. And it isn't a project unless you have to buy a tool.
And yes, Mike is a used car dealer. Velocity had a 2nd show on a few yrs back with Mike and Edd where a customer would come to Mike's used car lot with some specs on what he / she wanted to buy. Then Mike would pull out 3 cars from his lot and the person would drive and critique them. By the end of the show, Mike always made a sale. As part of the side show, Edd would be in the back working on something and would point out some pearl of wisdom to the viewers. I don't remember the name of this show and it was only on for 1 or 2 seasons in the US. It wasn't as entertaining to me at Wheeler Dealer but a car show is more enjoyable than some dumb reality show.