Before you can sell used vehicles in Mississippi you must obtain a used car dealer license. The license is obtained through the Mississippi Motor Vehicle Commission. The license ensures that you understand and adhere to legal guidelines on title transfers and other activities related to the business. The process also protects consumers by making sure that only professionals in good standing with the Motor Vehicle Commission and other state authorities are licensed.
Provide your full name, fax, telephone number and mailing address. If you have an email address, provide that as well. Fill in previous auto dealer license numbers you have had. You must also indicate whether you have been convicted of a felony or misdemeanor. A statement that details your experience buying and selling autos is also required.
Give the name and physical address for your used car business. List the makes and models of used cars that you will sell at your dealership. The value of each vehicle should be listed as well. Indicate whether your dealership has a service or parts department and a showroom. You must give the square footage for each department such as service, parts and showroom at your dealership.
List the names of officers, directors and managers who own a part of the dealership. Check “no” for new dealership in section three. Also fill in the titles, addresses and percentage of the dealership that the officers, directors and managers own. If no officers, directors or managers are associated with your dealership, leave the bottom of section three blank. A copy of your and each partner’s driver’s license is also required.
Attach an original $25,000 surety bond certificate for your dealership to your application. Your name and the name and address of the surety company you got the bond through must be listed on the bond. The bond expires after two years.
Create a financial statement that lists the dealership’s assets and liabilities. If you are a sole proprietor, you are allowed to list your personal assets and liabilities on the financial statement.
Take photographs of the inside and outside of your dealership. Make sure that you take pictures of each department at your dealership. A map of the facility that shows entrances and exits is also required. Maps can be hand drawn, photocopied or generated with a computer.
Contact a licensed Notary Public to get your application notarized. Sign and date the auto dealer license application in the presence of the notary public. The notary’s official seal must be on the bottom of the application.
Pay the $100 licensing application fee. Payment is made to the Mississippi Motor Vehicle Commission. Send your check and completed application to Mississippi Motor Vehicle Commission, PO Box 16873, Jackson, MS 39236.