North Carolina Auction License

Before starting to analyze the topic for learning the whole procedure of getting certification, try to understand what it is, and what purpose it has. In this case, a North Carolina auction license is a kind of permission, which will help you to make wholesale auctions legally. Thus this is the right article to walk you through the details, concerning its obtaining process and requirements.

How may I get my NC agent affidavit?

If you are a resident of this state and want to sell cars and earn your living, you need to know some aspects. You are allowed to sell up to five machines in a year legally if they are registered in your name. But, if you tend to sell more than five, you need to obtain a trade permit here.

For this purpose, you should apply to the License and Theft Bureau in the Division of Motor Vehicles of the Department of Transportation. First, you should choose which type of broker affidavit you prefer. You can get acquainted with them below.

Note: You must be at the age of 18 and older and have a checked criminal background.

Types of auction certifications

There are five types of them. Each has its specific purpose:

• New automobile merchant – Getting this one you can market both new and used cars.
• Used automobile merchant – This one allows you to market only used cars.
• Wholesaler – Obtaining this type you can sell used machines to car dealers.
• Distributor – Once you obtain this one, you will be able to sell new machines to new car dealers.
• Manufacturer – This type is for those, who are going to manufacture vehicles or import them for further distribution.

After choosing your preferred type, you should pass through the next steps. Continue reading and find out what they are.

Obtain an abiding business location

Your chosen trade location must have at least 96 sq ft space. Besides, it must have space for storing work records and files safely. Make sure your business office complies with all zoning regulations.

Take pre-licensing course

This course is only for those who choose the used automobile broker certificate type. You should attend these courses for 12 hours within 12 month period before your application.

Get liability insurance

This is your next step. It aims to allow you to pay fines associated with insurance lapses.

Auto trader bond

This is considered to be a part of your NC auto broker certificate. It is a kind of guarantee, which aims to make a trader work with customers honestly and legally. The amount of it depends on the number of trade locations you are going to have. For a single location, you should obtain a $50.000 bond. Besides, if you have more than one salesroom in your trade location, you are to obtain a $25.000 additional bond for each one.

Note: you do not need to pay the entire amount. Depending on several aspects (such as personal credit score, industry experience, and business finances), the bond rate will fall between 1%-10%.

After all the mentioned steps, you should compile your required documents and arrange for a business location inspection, which is a mandatory condition.

For the last part, it comes the time of your application. Here you need to send your application with the required documents and fees to the Division of Motor Vehicles in the NC Department of Transportation.

Once you manage to pass through all the steps successfully you can get your NC auction permit within 7-14 days.

Note: The dealer application is also available online.

Costs

Here are the fees you need to pay:

• $90: an auctioneer certificate
• $38.75: per plate of the first five dealer plates
• $19.50:per additional plate and dealer transporter plate
• $25-: 25 temporary markers
• $325: licensing course
• About $500-$1.500: an auto dealer bond

NC trade permit renewal

Whenever it comes to your North Carolina AL renewal, you will be mailed about it a month before the date. You should renew your certificate once a year. Thus, an apprentice auctioneer can not renew the certificate more than three times. You should be required no examination for your renewal if you make your renewal application within 24 months of the expiration of the previous license.

To sum it up, whenever you decide to run a business as an auto broker, you must think of obtaining a North Carolina auction license first. It is proof of your legal work.

If you go by the link, you can find other useful information about other licenses in the state of North Carolina.