Whenever you decide to start trading as a dealer or auctioneer, you will need to receive a Maine auction license. The process of obtaining is not that hard. You just have to complete some basic actions and fill in some request forms.
Generally, if you are a rookie in this field and desire to earn your living by vending cars through bidding, you should imagine the whole procedure thoroughly. Thus, we recommend reading the article to check the requirements and application process.
Without certification, you are allowed to sell up to five vehicles a year as long as they are titled in your name. But if you tend to exceed this number you are to obtain a Maine auction license. It is Maine’s Board of Licensing (that issues those licenses. You should pass through five stages to obtain one. Those are
Complete the application. Alongside it, you are to provide
Mail the request. Here you need to pay a nonrefundable $150 filing fee.
At this point, you need to pass inspection. After receiving your application, the BMV sends an inspector to your business location. Once you pass the inspection successfully, you should pay one more $150 fee for each type of automobile you are going to sell.
Unlike California, where the surety bond is $50.000 for traders, here, you have to have only a $10.000 surety bond when applying. Actually, there are also some insurance companies that help you out with this factor.
So, here you must buy a car dealer liability, which is a type of surety bond. It aims to guarantee that you would deal with customers honestly. Below you can get acquainted with the liability amount, which depends on the number of automobiles, you are to trade.
Submit your dealer liability to the BMV.
After succeeding in all these stages, you are to obtain your trader permit. This certificate is valid for exactly a year from the issuance date. After this period you should pay again a $150 renewal fee annually, and your certificate will be renewed automatically.
To receive a trader privilege in ME, you will have to provide the following items:
After fulfilling these criteria correctly, you can get your auto broker certificate.
You can do it only if you transfer ownership of at least 12 automobiles or motorcycles within a year.
NOTE: You aren’t allowed to make a transfer if:
As a result, to run a car selling business legally in this state, it is mandatory to obtain a ME trader permit.