subject: How To Obtain A Car Dealership License And Motor Vehicle Surety Bond In New Jersey [print this page] In order to operate a car dealership in New Jersey, you will need to obtain a motor vehicle dealership license from the New Jersey Motor Vehicle Commission (MVC). Before applying for this license, you must first establish your place of business and contact your local municipality to find out your areas requirements for car dealership operation. Then, obtain insurance for minimum amounts of $15,000/$30,000 for bodily injury coverage and $5,000 for property damage for all your vehicles. If you wish to offer financing to your customers, apply for the license from the New Jersey Commissioner of the Department of Banking. Contact the Department of Banking for instructions and an application for this license.
You must also apply for a $10,000 surety bond. This bond guarantees that you will comply with the statute in New Jersey as it relates to operating a car dealership.
After completing the previous steps, you may apply for your dealership license. Visit the New Jersey Motor Vehicle Commissions website, and download the appropriate application. Dealership licenses vary, depending on whether you operate a new and used car dealership, just a used car dealership, or a leasing dealership.
Online, you can find the Universal Fingerprint Form, which contains all the information you will need to apply for the fingerprinting process. You will have to schedule an appointment to complete the fingerprinting process; after completing this, you must let the MVC fully investigate your dealership to be sure you qualify for your car dealers license. If you qualify, you will then need to pay $100 for a wall license and $257.50 for a set of five dealer license plates.
