Car broker license nc

You are a new kind of dealership — an Auto Broker! Your clients love you and they tell everyone they know about you. With the right personality, you can make six figures a year with no problem. This is a NICE car business! You want to buy common cars that are easy to find and buy — no weird colors or options.

I will teach you how to take profitable orders! Do not accept a job looking for a needle in the haystack unless you get a nonrefundable auto broker fee! You set the terms of your job. You can purchase cars during the day at dealer auctions in most cases and deliver to the car to the clients place of employment. This is MY favorite business model. It feels good to see my clients so happy and excited about the car I selected for them.

And let tell you, they tell everyone they know about me! You bought her a Maxima a few months ago. If you want to be involved with selling, buying or displaying motor vehicles for sale, you will need a license, and depending on the state in which you want to do business, this may be an auto broker's license or a car dealer license, also known as an auto dealer license or motor vehicle dealer license.

Some states even have different licenses for new vehicle dealers, used vehicle dealers and wholesale vehicle dealers. You will also need a license in order to access car auctions and auto shows, which is where you can find some of the best deals. You should also be aware that some places will offer the chance to "rent" a dealer license by paying a membership fee to a local dealership or get licensed out of state so that you can access dealer auctions.

While these may seem to be a tempting route into the auto broker business without all the commitment, they generally do not fulfill all the necessary requirements to do auto broker business legally and are best avoided.

The first step in becoming an auto broker is educating yourself about the automotive industry. There are no set experience or education requirements to become an auto broker, but in order to serve your clients, you will need to have a working knowledge of the auto industry.

There are several ways to obtain this knowledge:. You will then need to get properly licensed. Different states have different licensing requirements, and there may be different requirements for new car dealers, used car dealers, dealers operating a physical location and dealers operating online.

It's also important to note that you do not need a lot to operate as an auto broker, but having a lot may require additional licenses and fees. Check with your state department of motor vehicles or department of licensing, which will be able to give you the guidelines for applying for an auto broker license in your state.

There may be different fees for both the license itself and for ancillary matters. This makes the total auto dealer license cost several hundred dollars to several thousand dollars. There may also be special considerations for dealerships without lots, such as rules around displaying vehicles for sale at your home. As part of getting licensed, every state requires new auto dealers to obtain a surety bond.

A surety bond is a guarantee that protects your customers from unlawful, fraudulent or unethical acts. That means that you'll be doing everything by the book, including paying all appropriate sales taxes and not misrepresenting a vehicle's condition.

Getting a surety bond typically requires a credit check, and while it's possible to get a surety bond with poor or no credit, the cost will generally be higher. Depending on who handles your surety and how your credit is, you'll pay a percentage of this up front and then file your certification as part of your auto broker application.

Wholesalers : You sell or distribute used motor vehicles to motor vehicle dealers. Be the p ermanent place where you conduct business. Have space to safely store business books, records, and files. Have reasonable hours of operation when the public can contact you.

Follow all state, county, and municipal zoning regulations. If your business is a corporation , the 1st page of the corporate charter your received from the North Carolina Secretary of State after filing Articles of Incorporation. The policy number for the required comprehensive liability insurance to cover your dealer license plates.