New Mexico Dealer License

 

 

New Mexico Dealers Licenses are regulated by the New Mexico Motor Vehicle Commission in New Mexico.

The State of New Mexico now requires New Mexico dealers to take a 4 hour Continuing Education course every year instead of every other year.

Find out all of the information that is included in the New Mexico Dealer License Continuing Education course by clicking here

You may find out more about obtaining a New Mexico Dealers License at www.newmexicodealer.com

The State of New Mexico requires that you take an 8 hour Pre-License Training Course in order to apply for a New Mexico Dealers License. The Dealer License Classes are held in Albuquerque, New Mexico.

To obtain an New Mexico Dealer License, you can call the New Mexico Taxation & Revenue Department Motor Vehicle Division at 505-383-2316 or write to the New Mexico Taxation & Revenue Department Motor Vehicle Division at:

Dealer Licensing Bureau
505 Marquette NW
Suite 1501
Albuquerque, NM
87102

New Mexico Dealers, New Mexico dealers are regulated by the New Mexico Used Motor Vehicle Commission
Motor Vehicle Division
Dealer License Bureau
505 Marquette, NW
Suite 1501
Albuquerque, New Mexico 87102
Dealer License Bureau
505-383-2316
www.newmeicodealer.com.

I want you go in depth in the 6 Steps to an New Mexico Dealers License
Step Number 1 Dealer Surety Bond
The State of New Mexico requires you to obtain a $50,000 dealer surety bond in order to be granted a New Mexico dealers license, is the bond going to cost you $50,000, of course not, with good credit you should be spending about 200 to 300 dollars a year for your bond, your insurance company will normally send you an invoice every year or every other year. If you have a couple of blemishes on your credit score, the price of your bond can increase dramatically. The bond must be a surety bond executed by an insurance or bonding company authorized to do business in New Mexico,

Step 2-Federal Tax ID Number and New Mexico Sales Tax ID
Before you apply for a New Mexico dealers license you must obtain a Federal Ta ID Number and a New Mexico Sales Ta Certificate.
I want to magnify the screen so you can see these screen shots a little easier

Step 3-Building & Lot
You must have a building for your New Mexico dealers license. Your business building must be a permanent enclosed building owned or leased by you, The established place of business must be devoted mainly to the operation of your dealership
The dealer shall conduct business in a building on the same property as the display lot. If the dealer is a used car broker, and will not display an inventory of vehicles for sale, the requirements of this rule for an established place of business shall still be met, with the exception of the display area for vehicles. That would be for brokers. All sales activity must take place at the lot, you cannot sell vehicles away from the lot unless you are selling vehicles at a dealer auction

Submit Pictures or Diagrams of
Business Site Location
Vehicle Display Area
Office Building
Inside Office Space
Office Equipment
Signage (Doing Business As Name must match the sign)
Diagram of Property Layout including location of sign
Inside Office Space Layout

Step 4 Register Your New Business with the New Mexico Secretary of States office.
The New Mexico Secretary of State is not only the State of New Mexico’s leading election authority they are also in charge of keeping a record of every business operating in New Mexico. They want a record of the dealership you are opening as well. Before you file your business on the New Mexico Secretary of States website you will need to decide upon your business entity. You are either starting your dealership as a sole proprietor, and llc, a corporation, a business trust, a partnership, or a not for profit. You can get some legal advice to determine what business enitity is best for you, or If you need guidance you can call the Secretary of States office at 505-827-4508 (Option 1)
Let me show you how easy this is, it only takes a few moments when you have decided your business entity
Step 5-Attend Dealer Training Class

Step 6 Submit Application
The final step you need to do to obtain an New Mexico dealers license is to complete an New Mexico dealer license application in it’s entirety. This must be done online only, the State of New Mexico no longer accepts mailed dealer applications.
If you make mistakes on the application it will be returned, so you want to spend some time and ensure there are not mistakes on the application.
If there is a change in business entity, after you become a licensed dealer, a new application must be submitted with all applicable paperwork, including a new bond and a new dealer license number will be assigned.
Don’t for get to have the following documents ready
Business Identification numbers - NM Ta ID-CRS, FEIN, Secretary of State assigned corporation or partnership number
Individual Owner information Driver’s License number, phone number, address
Business License
Property Lease- minimum of 6 months
$50,000 Dealer Bond Documents
Pre-Licensing Education certificate dealers
Pictures or Diagrams
$50 application fee-credit card or e-check


Once again, here is that great contact information for you
Motor Vehicle Division
Dealer License Bureau
505 Marquette, NW
Suite 1501
Albuquerque, New Mexico 87102

Dealer License Bureau
505-383-2316
www.newmeicodealer.com
When you submit your application correctly you should receive your New Mexico Dealers license in about 30 days.

Once you obtain your New Mexico dealers license you must display the license prominently, you are going to work hard to obtain your New Mexico dealers license, you are going to be proud when you obtain your New Mexico dealers license, New Mexico law requires that you display your dealers license prominently when it is granted, don’t shove it in some desk drawer, or lock in in a vault, frame your official New Mexico dealers license and display it on the wall, all New Mexico dealers licenses must be displayed prominently

Download New Mexico Dealer Application

Good Luck In Obtaining Your New Mexico Dealer License!