Actually, whenever you have to conduct any trade-related job as a dealer or auctioneer, you are to obtain a Kentucky Auction License. Moreover, if you want to start your own company, you have to have a Business Permit as well.
In fact, the licensing process is not that hard. You just need to follow some basic steps and have ready your paperwork. so, let’s check out what to do.
To meet the auction licensing standards for your company location, complete the following:
Also, the established place of business’s address indicates the specific location and includes a mailbox.
Also, automotive recycling merchants must get zoning officials’ certification. That declaring that the company site is legally compatible. Obviously, They get permission from the state Department of Highways to operate a salvage and recycling yard.
Obtaining a permit entails completing all of the state’s standards. Submit the following documents:
Also, you will require an Employer Identification Number (EIN) from the IRS.
Garage liability insurance coverage amounts to $250000 per person.
$500000 per incident, and $250000 for property damage. Restricted/mobility sellers are required to have $1 million in garage liability insurance.
Restricted recycling dealers can have a minimum net worth of $100000.
Also, all applicants acquire a salesperson permit for all salespersons and owners.
You must have a guarantee to obtain it. The Commission determines the amount of that. The price ranges from $15000 to $100000. If considered essential, they may force auctioneers to receive a higher sum.
The cost is determined by your financial situation. It is a minor portion of the entire value. The lower the bond price, the better your personal credit and corporate finances.
If you want to obtain a free bond quotation for it, fill out an online form. It only takes 5 minutes to lock in your pricing for the next 90 days (in case you want to purchase).
Finally, complete the licensing application. If you desire a paper application, send the Commission a $7 check or money order made payable to the State Treasurer.
Fee: pay the following costs to start your dealership:
In addition, mail your request to
Kentucky Motor Vehicle Commission
105 Sea Hero Road
Suite 1 Frankfort, Kentucky 40601
Note, that every second Friday of the month, the Commission meets. If you want your request to be considered at the next meeting, you must submit it at least 10 working days in advance.