Q:

What do you need to become a truck trader?

A:

Quick Answer

To become a truck dealer or broker, it is generally necessary to obtain the appropriate state licenses, a surety bond, a business tax license, liability insurance and a sales location. Several states also require dealers to meet minimum net worth requirements, submit manufacturer agreements and undergo credit and background checks.

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Full Answer

Buying, selling and leasing trucks online or in person for profit without a dealer's or seller's license is known as curbstoning and is illegal nationwide. Many states make allowances for a certain number of private sales, ranging from one to six vehicles per year. A summary of each state's requirements and links to all state licensing agencies are available on DMV.org.

Auto brokers or concierges are private individuals or agencies that work on behalf of clients to find trucks and manage the entire sales process, including negotiations, paperwork and delivery. Most states consider brokers to be dealers and impose the same licensing and administrative requirements on them, though some states require additional information or charge separate brokers' fees.

Most states do not have special requirements for truck salespeople. However, some states, such as Colorado, require any salesperson employed by a dealership to obtain a sales license and surety bond and to pass a state licensing exam. Salespeople are also required to obtain a commercial driver's license to drive vehicles on public roads.

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