Are you looking for helpful information on getting a New Jersey Auction License? Together we are going to have a small trip and find out the main points and requirements that further will be of use for you. So, let’s move forward and see what is there to know and disclose.
If you have made up your mind to become a car auctioneer in NJ, your first step should be to find out what qualifications you are expected to have to start this career path. For the start, you need to get an auto dealer license. In the state, the sector is regulated by the NJ Motor Vehicle Commission. If you are planning to start a business, you have to obtain NJ Business Permit as well.
The first thing you should know is the diversity of permits. More precisely there are four distinct types of Dealerships:
It is essential to carefully pick the right type. This is because the requirements and documents for each of them may vary.
We will mainly talk about the New and Used Car Dealership. Hence, here are the main documents and information to send along with the application:
Be very careful, as missing one of the common demands can lead to disqualification.
Also, along with the documents listed above, applicants should send the payment check of $100, which is the application fee, and the $257.50 registration fee.
Moving forward, a background check is also obligatory. After the submission of the initial application, you will get further instructions on how to submit fingerprints.
Insurance and bonding are also important demands. The approximate size of the bondage for bodily injuries varies from $100,000 – $250,000. For property damage, the bond is higher-$25,000. Moreover, applicants must supply evidence about the existence of certain premises. In fact, the area must be large enough to include an office part and a showcase part for a minimum of two vehicles.
The application, after filling it in properly, should be sent to the mailing address specified at the end of the article.
Note that all the submitted documents and information will undergo a thorough examination.
Your NJ Dealer permit may be suspended if your activity does not comply with the set rules. Some of the violations that can result in revoking the certificate can be:
For the initial permit, applicants take a compulsory examination. To be able to pass the exam with flying scores examiners are required to know regulations relating to the buying, selling, and dealing of motor vehicles in the state.
Generally, the permit is valid for a year only. After obtaining it, it is important to be careful and refresh it every year. The expiration date is considered March 31st of each year. Commonly, before the expiration date (over 60 days) the Motor Vehicle Commission sends a mail informing about the approaching date of the renewal. Remember that renewal also means refreshing the bond.
And, of course, to finalize the article with a pleasant note we want to talk about the salary opportunities. In the state, the annual salary in the field varies from $63,127 to $71,000. The income may vary from city to city. For instance, the highest paying city is Trenton, while the lowest paying one is Vineland.
Address: Motor Vehicle Commission
Business Licensing Services Bureau
Dealer Licensing Unit
P.O. Box 171
225 East State Street
Trenton, NJ 08666-0171