1. Be at least 18 years old.
2. Have a valid U.S. driver's license.
3. Have a good credit score.
4. Have a surety bond of $100,000 or more.
5. Obtain liability insurance with limits of at least $500,000 per occurrence.
6. Complete the required training course.
7. Pass the dealer's license exam.
8. File an application with the Tennessee Department of Motor Vehicles (DMV).
Once your application has been approved, you will be issued a dealer's license. This license will allow you to buy, sell, and trade vehicles in Tennessee.
Here are some additional details about each of the requirements:
* Be at least 18 years old. This is the minimum age requirement for obtaining a dealer's license in Tennessee.
* Have a valid U.S. driver's license. You will need to have a valid U.S. driver's license in order to operate a motor vehicle dealership in Tennessee.
* Have a good credit score. Your credit score will be checked as part of the application process. A good credit score will help you to get a lower interest rate on your surety bond.
* Have a surety bond of $100,000 or more. A surety bond is a type of insurance that protects customers in the event that a dealer does not fulfill their obligations. The bond amount is determined by the size of the dealership and the number of vehicles that are sold each year.
* Obtain liability insurance with limits of at least $500,000 per occurrence. Liability insurance protects you in the event that you are sued for damages caused by your business. The limits of liability are the maximum amount that your insurance company will pay for each claim.
* Complete the required training course. The required training course covers topics such as dealer laws and regulations, ethics, and customer relations. The course can be taken online or in person.
* Pass the dealer's license exam. The dealer's license exam is a written exam that covers the material covered in the training course. The exam can be taken at the DMV or at a testing center.
* File an application with the Tennessee Department of Motor Vehicles (DMV). The application form for a dealer's license can be downloaded from the DMV website. The application must be submitted along with the required fees and documents.
Once your application has been approved, you will be issued a dealer's license. This license will allow you to buy, sell, and trade vehicles in Tennessee.
