Does anyone know what is a surety bond when applying for a dealer license?

I am looking to apply for a dealer license for wholesale and see that the surety bond is one of the requirements. It also mentions something about a $50,000 bond which is making me confused.

 

Thanks guy. I got the answer I need

Now my next question is where are those car auctions at.

 

Copart is one. I think that's what it's called.

 

Wholesale is 10,000 and retail is 50,000....Unless they changed it.

I have a retail license and had a wholesale license. Wholesale license is kind of pointless, you can't sell to the public and the retail dealers can go anywhere you go to buy cars. Makes it tough. I tired doing the wholesale thing and quickly got my retail. The only time wholesale works is when you have a retail buddy, you kick him a couple hundred to sell through.

Good luck.

 

The only thing I care is the type of license that allows me to buy cars at auctions or from a dealership.

Can I use the wholesale license to buy cars from auctions? Or you were referring to selling only?

I am exporting the cars.

 

Oh, THAT kind of dealer. I'm of no help here.


/exit thread

 

Broker:
Buy: middle man
Sell: middle man
Wholesale:
Buy: from auctions, dealers, private party
Sell: dealers
Retail:
Buy from auctions, dealers, private party
Sell: dealers, private party, brokers

I'm not sure why you want to buy from auctions if you plan on exporting.

 

Depending on the state in which you reside a dealer bond requirements range from $25,000 to $50,000 per year. How much you will pay for the bond will depend on your credit. Also, please keep in mind that there are other requirements by the state such as insurance, physical building w/ signage, meet zoning requirements and etc.

We provide a service that takes the headache out of the process. You will be covered under our bond and insurance. We facilitate a building that meets zoning requirements. As a result, we guarantee you a dealer license, auction access card and dealer plate or your money back.

You can visit us online at www.wholesaledealerslicense.com

 

Why shouldn't I buy cars from auctions if I am exporting? My customers are looking for used cars only.

I am new into this business, so suggestion is very welcome

 

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There's no point. If your people are over seas you can buy private and sell private. Dealer auctions are not cheap like people think. Let me put it to you this way. I have a dealers license and own 5 cars. Not one of those cars were bought at auction. They were all bought private party.