Is your auto dealership business located in Georgia or New Mexico? If yes, better read on because this can save you some license renewal hassle.
Auto dealership licenses have different lengths and expiration deadlines depending on the individual state regulations. You need to be aware what the situation is in your specific state and keep track of any changes in dates and requirements. Staying on top of the deadlines is a good idea, as if you miss them, you risk a more complicated renewal procedure – and more expensive.
If you are licensed as an auto dealer in Georgia or New Mexico, it’s a good time to start thinking about the renewal process. You will have to renew your license by February 28 in New Mexico and by March 31 in Georgia.
License renewal in Georgia
Car dealer licenses in Georgia are issued for two years. They expire on the March 31 of each even-numbered year, such as 2014. If you need to refer to the Application Form of the Motor Vehicle Division of Georgia once again, you can find it here.
Renewing your license in this state will cost you $150. If you do not meet the 31 March deadline, but still manage to renew it by May 31, the fee will be $250. If you do not take care of your license by June 1, it will be revoked. Reinstating it will involve the submission of an application, as well as a reinstatement fee.
License renewal in New Mexico
If your car dealership is based in New Mexico, then your license is valid for one year. All licenses expire on March 31 of each year. The deadline for submitting the renewal applications, though, is February 28. You need to fill in and submit the 2014 Dealer License Renewal Form. It contains a lot of useful information on the licensing and surety bond requirements of the New Mexico Motor Vehicle Division.
The renewal process is like a miniature version of the first-time application. Its aim is to make sure that your auto dealership is still compliant with state regulations. It is accompanied by an Affidavit of Dealer License Compliance, in which you make an overview of your business in the last year. With every new renewal application, you can obtain more dealer license plates or temporary tags.
The applicable fee for the initial license and the subsequent renewals is $50.
Renewing your surety bond
Remember the bonding process you went through when you initially got your license? Its aim is to guarantee your auto dealership’s compliance with state regulations.
Every time you renew the license, you also have to check the validity of the surety bond. Usually the bonds are issued for a 12-month period. In most cases this means that you have to get a new surety bond every time you renew your license.
In the case of New Mexico, the bond should be dated in a very precise way. It should start on April 1, 2014 and end on March 31, 2015 in order to exactly match the license period.
As for Georgia, the bond is not continuous and it requires a continuation certificate. Make sure you renew it before its expiration date.
It’s a good tip to get a renewal of surety bonds before their actual expiration. Then the government agency will not receive information on your expired bond, which will make the license renewal process easier.
Do you have any questions regarding the renewal of your auto dealer license in Georgia or New Mexico? Please feel free to email me.