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To start a car dealership, there are conditions that have to be satisfied. One of them is getting licensed and several requirements have to be met to get one. In seeking to understand, how to obtain dealers license, beware that the different states all have their own requirements. The conditions are enforced to uphold business ethics and fair practices and to ensure that buyers get value for their money.
However, there are some common requirements. The first is satisfying eligibility requirements. Applicants must be 18 years old or older, have a place of business and have a legally registered business. You will be required to present a copy of your property tax statement or the agreement for leasing or renting the premises with a minimum valid period of one year.
A few states also require that applicants have a listing in the phone book, regular working hours, approved commercial zoning as well as an outdoor sign that is permanent. Involvement in bankruptcy or conviction for a serious offense is reasons for turning an application being denied. The proprietor or partners will need to file individual financial statements or source of funds statements. A Personal Criminal History Statement will also be required.
An applicant against whom a ban from licensing or registration certificate has been effected cannot get licensed. Neither can those who have been listed on the register of disqualified company directors.
Foreigners who desire to set up a dealership will be required to provide an international passport in order to complete a check which is routinely carried out on working visas. The visa holder must have permission to work in the country.
Should everything line up the way it should, the license may be granted. A fee has to be paid. The amount is different from on state to another. There is also an annual renewal fee. In some states, dealers are allowed to get dealer plates at an additional cost.
Another condition an applicant must satisfy is that they have to have a dealers bond. This requirement also varies from one state to another. The bonds can be obtained from many insurance companies. Dealers are required to take out a bond for a certain amount in some states if they will be selling new vehicles, travel trailers and mobile homes in their dealership. The bond is lower for used car dealers.
Once the application is granted, you have the green light to acquire used cars to sell as spare parts or whole. You can also sell them on behalf of another party for gain. A dealer can also sell a vehicle that has been leased to the leaseholder according to the terms of the lease. Negotiating the sale or purchase on behalf of another person is also permitted.
There is another important step of how to obtain dealers license. It is filling out a number of forms. The different states have each their own forms and a format that they require to be followed in filling the forms. One place to start the process is to find out what your state requirements for a car dealership license are.
However, there are some common requirements. The first is satisfying eligibility requirements. Applicants must be 18 years old or older, have a place of business and have a legally registered business. You will be required to present a copy of your property tax statement or the agreement for leasing or renting the premises with a minimum valid period of one year.
A few states also require that applicants have a listing in the phone book, regular working hours, approved commercial zoning as well as an outdoor sign that is permanent. Involvement in bankruptcy or conviction for a serious offense is reasons for turning an application being denied. The proprietor or partners will need to file individual financial statements or source of funds statements. A Personal Criminal History Statement will also be required.
An applicant against whom a ban from licensing or registration certificate has been effected cannot get licensed. Neither can those who have been listed on the register of disqualified company directors.
Foreigners who desire to set up a dealership will be required to provide an international passport in order to complete a check which is routinely carried out on working visas. The visa holder must have permission to work in the country.
Should everything line up the way it should, the license may be granted. A fee has to be paid. The amount is different from on state to another. There is also an annual renewal fee. In some states, dealers are allowed to get dealer plates at an additional cost.
Another condition an applicant must satisfy is that they have to have a dealers bond. This requirement also varies from one state to another. The bonds can be obtained from many insurance companies. Dealers are required to take out a bond for a certain amount in some states if they will be selling new vehicles, travel trailers and mobile homes in their dealership. The bond is lower for used car dealers.
Once the application is granted, you have the green light to acquire used cars to sell as spare parts or whole. You can also sell them on behalf of another party for gain. A dealer can also sell a vehicle that has been leased to the leaseholder according to the terms of the lease. Negotiating the sale or purchase on behalf of another person is also permitted.
There is another important step of how to obtain dealers license. It is filling out a number of forms. The different states have each their own forms and a format that they require to be followed in filling the forms. One place to start the process is to find out what your state requirements for a car dealership license are.
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