If you’re the owner or prospective owner of a used car dealership in the state of Georgia, then you must know the ins and outs for the state’s requirements in terms of licensure, application steps and requirements, and surety bond coverage. Here, you’ll get a look at some of the key Georgia car dealer license requirements, different aspects of the application, and what your surety bond must cover.
The application for obtaining a car dealer license in Georgia is pretty straightforward. Still, there are multiple steps involved, and a misstep or oversight on any single one will lead to an application either being outright rejected, or significantly delayed.
To obtain your dealer license, you will need to verify that you have both garage liability insurance coverage, and surety bond coverage. In Georgia, the garage liability policy must have limits of 50k/100k/25k, or a single limit of $125k. You must have garage liability specifically for your business, and not merely automobile liability.
Your Georgia dealer bond must be for $35,000, and executed with a proper surety company. The expiration date of this bond must be on March 31st, and it must be for even-numbered years, such as 2014 or 2016.
To submit your application, there is a one-time license fee of $170. If you’re applying for an additional lot, it’s the same cost, an extra $170. License renewal will be $150 if it’s on-time, and various fees may apply if you need documentation, copies, verification, or more.
Additionally, in order to be approved, you will need to submit to, and pass, a fingerprint-based background check. You will also need to submit your application for a state sales tax number with your dealer license application.
One of the overlooked Georgia car dealer license requirements is that your application must include photographs of your established place of business. This means the actual location, and this business location must have signage appropriately telling passersby what it is, and a working land line telephone number.
Last but not least, you’ll also need to attend a mandatory, and board-approved, seminar.
More information on the entire process is available through Georgia’s Secrety of State website, available at SOS.GA.Gov.
If you successfully complete and include all of these assorted components, you should be able to obtain your Georgia motor vehicle dealer’s license. Of course, it’s always best to have an experienced professional guide you through the process. So consult with an expert to make sure you don’t miss anything, or do the wrong thing, and you’ll be all set up with your new dealership in the state of Georgia in no time at all.