 |
 |
 |
 |
|
|
|
|
Do I have to be a resident of the State of Indiana?
How long does it take to apply for a license in Indiana?
What kind of Insurance or bond is required to apply for a dealers license?
How much does insurance cost?
Where can I get dealers insurance?
Is this my own License or am I an agent of some LLC?
Can I add members to my auction account once I have my license?
How do I get my mail?
What kind of cars are sold at the auctions?
Are there any warranties on vehicles sold by the auctions?
Will this license allow me to buy crashed cars or part cars?
How many dealer plates can I get?
Is it legal to drive on dealer plates?
How do I file my taxes as a dealer?
How can I verify that your company is legitimate?
How do I get started?
Do I have to be a resident of the State of Indiana?
No, you do not have to be an Indiana resident. You can live anywhere in the United States. By having an office in our facilities you'll have the physical business address needed to be granted a license. Our facilities comply with the Indiana Secretary of State physical requirements for a having and maintaining a wholesale dealers license.
How long does it take to apply for a license in Indiana?
From the time we submit the all the necessary paperwork to the state, it takes around five weeks.
What kind of Insurance or bond is required to apply for a dealers license?
Dealers insurance and bond are required for applying for a dealers license in Indiana. It is necessary to submit an SR-23 certificate of dealers insurance to the state along with your application and a $25,000 surety bond needs to be submited as well. We will refer you to a trusted insurance agency to take care of both. In average your insurance can be anywhere from $1500 to $2000 per year and can be broken down in monthly payments and the surety bond can cost anywhere from $250 to $500 depending on credit.
How much does insurance cost?
All quotes originate from your business location, which is our facilities in the state of Indiana. There are several factors that will affect your quote such as driving record, age, level of experience and what state you live in. Usually quotes come in between $1,500 and $2,000 per year and a deposit of a third is required to start the policy.
Where can I get dealers insurance?
We will refer you to an insurance professional who can help you set up your insurance policy.
Is this my own License or am I an agent of some LLC?
This is your own business and your own license for you to manage as you see fit. We provide you with the ability to have and maintain a license by leasing in our facilities plus we do all of the paperwork. An LLC company makes you an agent under their account at an auction and they rent you a dealer plate. Not only is it very expensive but it is not your license and they can drop you any time they want.
Can I add members to my auction account once I have my license?
Yes. Different auctions have different rules about how many members one license can have. However many allow you to add members for free so you can add and remove members as you see fit.
How do I get my mail?
Our office staff collects and processes your mail on a weekly basis and forwards your correspondence to your home or office within the United States.
What kind of cars are sold at the auctions?
Just about any car of any make and model, depending on the type of auction. You'll find anything from economy cars to high end exotics. All auctions will have a list of the vehicles they run days in advance. You can search those listings by year, model and they even VIN number. You can even run a CARFAX on the vehicles prior to bidding. Most auctions feature off lease vehicles and new car trade ins. Companies such as Enterprise, AVIS and many others offload their inventory as well. Financing companies such as Nissan Financial, Ford Financial, HSBC and Wells Fargo also sell their cars at the auctions.
Are there any warranties on vehicles sold by the auctions?
Depending on the auction, rules can vary. All auctions offer some kind of auction guarantee program. Inquire with auctions for specific rules. There are inspection services available pre and post sale that ensures the condition of the vehicle.
Will this license allow me to buy crashed cars or part cars?
Yes, however each state has their own rules governing salvage or damaged vehicle sales. All auctions that specialize in damaged vehicles have to follow state regulations. Inqure with your particular auction to see if you qualify to purchase those vehicles with your Indiana wholesale license.
How many dealer plates can I get?
You can have up to four dealer plates on your first year of operation. If you wish to have more you can request the state for additional plates. You will have to prove a need for more plates and you’ll show proof that you are selling a considerable amount of vehicles. Then the secretary of state will calculate how many more you can have.
Is it legal to drive on dealer plates?
Yes. You are a registered dealer and your plates are legal in any of the 50 states, keep in mind that dealer plates are meant to be used for business purposes only and not for leisure. Your plates come with their own registration and insurance as long as you carry the title in the vehicle it's 100% legal.
How do I file my taxes as a dealer?
As a registered corporation you will be liable for federal and state taxes (State taxes will go to Indiana). Generally speaking you will have to pay taxes on the money you make as a dealer. At the same time because you own your own business you also have the ability to write off a lot of expenses. It is a good idea to get an accountant for your business taxes and we can certainly refer you to one if you don’t have one.
How can I verify that your company is legitimate?
We are an Indiana corporation in good standing and you can do a search for Dealer Auction Access under the Indiana web site at http://www.in.gov/sos/business/corps/searches.html or you can call the Indiana Secretary of State (Dealers division) at 317-591-5303 to inquire about our company.
How do I get started?
Call us at 877-301-6222 or email us at info@DealerAuctionAccess.com for immediate consideration.
