Mississippi Auction License

The facility that issues Mississippi Auction License is the Department of Licensing. You are to follow the guidelines that the facility provides. The first thing you are to know is that you are to attend special training classes.

MIADA Classes

They require you to complete a state-approved eight-hour seminar. The only legal office the MS Independent Auto Dealers Association (MIADA) conducts these classes.

The certificate you get at the end of the course is very important as you are to include it in your packet of the application. This has to be no older than twelve months at the application date.

Specify The Structure

The next step is clarifying the type of your enterprise. It can be either Corporation, LLC, partnership, or sole ownership, sole proprietorship.

What Is FEIN and Why Do You Need It?

The abbreviation means Federal Employee Identification Number. If you plan to operate as a sole proprietorship, you can use your social security number. It is not recommended though.

You are to apply for one if you want to obtain permission.

Location Conditions For Obtaining Mississippi Auction License

You are to meet the requirements presented in Section 27-19-303 of the Code. You should have a permanent place that you own or lease and carry out your activities there and occupy the latter.

There should be a space for conducting your transactions, that is to say, your office. There has to be no other business operating in the same building.

You should have a sign that indicates the name of your company, owner, and company’s telephone. It is also to show that the company is related to the dealership. It has to be visible and clearly displayed.

Tax Number-Permit For Sales

After all the above-mentioned, you are to receive another record that is called tax number permit for sales. This is a mandatory document.

However, for automobile rent, there should be another number.

You can register online for the tax documents via the official website.

Liability Insurance

The records don’t end with the above-mentioned ones. The next is the Insurance of liability. It gives coverage to the automobiles that operate on the highways. You are to show this document during the initial stage and each renewal process.

Dealer Bond

You will receive the bond from an insurance company. It must have a seal and a valid Power of Attorney attached to it. In the case of sole ownership, the name has to be written in the first line of the document.

As for the partnership, the names of all the partners must be displayed on the first line. If it is a corporation, they write the corporate name there.

Why Do You Need This?

They have designed it to protect the public from financial losses that occur from the illegal activities of auto traders. If you have the bond, it means that you carry out activities according to the rules written in the Code.

Fees

For the certificate, you are to pay $100. The amount is valid for all types. The application fee for new vendors is $10. For a dealer tag, you are to deliver a $43.75 fee.

The bond costs $15,000. The percentage of the bond depends on the credit score and finances that you have. People who have a good credit score usually pay $150 to $450 during one year. That is a 1% to 3% premium rate.

Mississippi Auction License Renewal

For keeping your permit, you are to renew it. It is active only for a year. You are to renew it before the expiration date. In the case of used and wholesale dealers, they are to do it before the 31st of October.

Submission Procedure for Mississippi Auction License

After you pass through all these stages and collect the papers, you are to submit them to the DOR. Include the supporting documents such as the notarized affidavit, and the proof of liability. Mail these to the address mentioned below:

MS Department of Revenue
Motor Vehicle Licensing Bureau
P. O. Box 1140
Jackson, MS 39215