The majority of states issue automotive industry licenses through their Departments of Transportation or Departments of Motor Vehicles. The first step is to determine into which classification(s) your business falls so that you may ascertain the appropriate application to submit to the authority.
In addition to submitting the completed application form and correct fee(s), countless attachments and documentation are generally required. This may include a surety bond, proof of insurance, photographs, sample contracts, sample brochures, warranty information, fingerprints, financial statements, credit reports, and/or course certification.
To remain in compliance with industry regulations, each business must maintain its license by keeping up with renewals. In some states, this may be as simple as remitting payment, while in other states, further documentation may be requested.
Businesses functioning without the proper license are generally penalized based on the size of the operation and the gravity of the offense.
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Do I need a surety bond to become a licensed auto dealer?
Examples of industries regulated by license compliance that might require a business owner to have a surety bond include:
- Auto Dealers
- Collection Agencies
- Contractors
- Energy Brokers
- Health Clubs
- Payday Loan Companies
- Debt Management
- Telemarketing
Government agencies require business owners in certain industries to purchase bonds before they allow a business to receive a license. This is because these agencies have an interest in protecting consumers and bonding is a way to guarantee a business adheres to the laws.
CT Corporation helps companies in all industries determine what licenses they need, manages the license application process, and ensures ongoing license compliance. As part of this process we will let you know if your particular industry and licensing agency requires a bond. We have relationships with licensed surety bond companies and can help you to obtain your bond through a simple and streamlined process that will ensure your license application goes through without any problems.
For more information about the surety bond process, what business licensing services we offer and how you can get started with your license application today, contact CT Corporation.