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Crystal Ignatowski By Crystal Ignatowski • January 31, 2017

How To Get A Car Dealer License In New Mexico

how to get a new mexico dealer license

 

Ready to start selling cars in New Mexico? Before you can open your business doors, you’ll need to get licensed and bonded. Here are the steps it takes to get a New Mexico Motor Vehicle Dealer License.

 

Not sure if you need a dealer license? Check out this post on selling cars without a license.

 

Short on time? Read our Motor Vehicle Dealer License FAQ

How to get a New Mexico Car Dealer License

 

Step #1: Establish a Place Of Business

Your dealership needs to conform to the guidelines set in the Place of Business Affidavit Form.

 

Once you establish your dealership location, you will need to have an on-site inspection by a law enforcement officer or authorized representative from the MVD to ensure your dealership meets all the requirements. Have this person complete an Inspection Certificate of Dealer Place of Business. 

 

Step #2. Complete Application Forms

 

Step #3: Complete Pre-license Education Class

Education classes are provided by NMIADA (New Mexico Independent Auto Dealers Association).

Information on how to register for this class can be found online.  

 

Step #4: Purchase New Mexico Motor Vehicle Dealer Bond

Not sure how to get an Auto Dealer Bond? Use this interactive tool to help you out.

 Get Free New Mexico Car Dealer Bond Quotes

 

 

About the New Mexico Motor Vehicle Dealer Bond

 

A New Mexico Motor Vehicle Dealer Bond (also known as an Auto Dealer Bond or Car Dealer Bond) is a requirement to get your New Mexico Car Dealer License. This bond protects your customers from fraud or misrepresentation during a business transaction.

 

  • New or used motor vehicle dealers: $50,000 bond
  • Motorcycle dealers: $12,500 bond

 

You won't have the pay the full bond amount. Instead, you'll just pay a portion of it. The price you'll pay is based on your credit score. Have bad credit? We can still get you bonded. Check out our bad credit options.

 

Nervous about paying for your bond? We can help you finance.

 

Step #5: Submit 

Send your New Mexico License Application papers, New Mexico Motor Vehicle Dealer Bond, $50 application fee, and other documents to the New Mexico Motor Vehicle Division at the address below:

 

New Mexico Motor Vehicle Division
Joseph Montoya Building
P.O. Box 1028
1100 South St. Francis Drive
Santa Fe 87504-1028

 

Questions? View the NMIADA's Becoming An Auto Dealer Page, or call 505-232-0809.

 

License Expiration and Renewal

 

New Mexico Car Dealer Licenses are valid for one year and expire on March 31st of each year. To renew your new Mexico Car Dealer License, you must submit a renewal application before February 28th of the year of expiration.  

 

When submitting the renewal application, you will also need to submit an Affidavit of Dealer License Compliance, and get more dealer license plates or temporary tags. The application fee for the initial renewal license is the same as the initial license: $50.

 

To renew your New Mexico MVD Bond, be sure to start early. Your bond should start on April 1st of the year and end on March 31st of the following year to match the start and end date of your license.

 
View our FREE EBOOK: "The Ultimate Guide To Car Dealer Licensing"

 

Related links:

Motor Vehicle Dealer License FAQ

How To Get An Auto Dealer Bond

Do You Know When You Need To Renew Your License?