Dealer Licensing in New Jersey
The New Jersey Motor Vehicle Commission (MVC) issues dealer licenses to businesses that buy and sell new and used motor vehicles. State law imposes penalties for any noncompliance, and issuing this license to auto dealers is required by law for their operation.
In order to be licensed to sell used or new automobiles, you must have an established place of business with an outside sign and a showroom to display the vehicles you will offer for sale. In addition, you will need to become familiar with all municipal requirements related to your business and comply with them fully.
Note that once your dealership is licensed, you will also be able to trade-in leased vehicles and mopeds without obtaining any additional license from the state.
As a licensed dealer, you must have a current certificate of insurance of $100,000 to $250,000 bodily injury coverage and $25,000 property damage coverage for all of your owned or fleet vehicles. Along with that, you will be asked to provide a $10,000 surety bond.
To apply for a dealer license, begin by downloading the new and used dealership application form. The license application fee is $100, plus $257.50 for 5 dealer plates. All owners and principals of the dealership will need to be fingerprinted.True or False
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