Are you interested in selling vehicles in the state of New Jersey? Prospective NJ auto dealers need to obtain a New Jersey Motor Vehicle Commission dealer license.
There are some criteria that you must meet regardless of whether you're applying for a brand new or a used dealer license. It is necessary to submit an application form and supporting documents and submit the Certificate of Insurance.
Going Through the NJ Dealer Application Process
The Motor of Vehicle Commission has specific requirements for getting New Jersey dealer's license. First of all, you must have a location of business that has an open-air showroom that can display at least two vehicles. In addition, you will need to ensure that you have an outside sign fixed to the property or building of the business.
If you satisfy the New Jersey dealer's license specifications and you meet the requirements, you can move to the next step: downloading and completing the dealer application forms for both new and used. There are a number of additional forms that can be used as an alternative to the standard application form. These include, but not limited, child support, fingerprint request notification along with signature cards and child support.
You'll have to gather and submit a number of documents to support your application forms. This is a listing of the other documents you'll must submit:
List of signatories authorized
Verification that the signatories authorized by the company have not been convicted of fraud or deceit
Passport-size color photographs of all partners, owners members, corporate officers or partners
All members, owners, partners or corporate officers must be able to show a copy driver's licenses
The copy of the name file for an alternate or fictitious certificate
Copie of Federal EIN Registration Certificate
Copy of NJ Sales Tax Certificate of Authority
Copy of Incorporation/Formation Papers showing the filing date with the NJ Division of Revenue
Copy of bill of service for landline
Copy of property deed, lease or purchase agreement
Photographs and plans of the premises and signage
Hours of operation
Original Certificate of Liability Insurance
Original auto dealer Surety Bond
Keep in mind that licenses are valid for a year and expire on the 31st of March each year. A NJ dealer license renewal requires an renewal of your auto surety bonds as well.
Here's how you can get your NJ auto surety bond.
New Jersey Dealer Bonding
The required NJ automobile dealer surety bond is an essential part of the application procedure for a dealer license. The minimum amount of surety bonds required in New Jersey is $10,000. This is not the sum that dealers are required pay. To find out more information regarding Auction Access New Jersey it is necessary visit our website.
The cost of the bond is actually just a tiny fraction of the amount and depends mostly on the credit score of the applicant. The cost of the bond will range between 1% and 2.5% for applicants who have good credit scores.
Apart from your credit score there are additional variables which should be taken into consideration when calculating the price of your bond. They could include data from your credit reports and your financial statements.