You must have a Public Automobile Auctioneer designated for your Auction and they must hold a Motor Vehicle Dealer license in their individual name with the Tennessee Motor Vehicle Commission. To apply for a license as a Public Automobile Auction you must have a business telephone in the auction company name (cellular telephones are not acceptable) and a permanently installed professional business sign with letters which are at least eight (8) inches in height.
The following steps must be taken in order to obtain a Public Automobile Auction License:
- Complete and submit an application to the Tennessee Auctioneer Commission
- Submit the name and license number of a Public Automobile Auctioneer that will be designated for your Auction. They must sign the application being submitted and are required to have a Motor Vehicle Dealer License in their individual name.
- Submit Letter of Compliance from the zoning authority
- Submit proof of Garage Keepers Legal Liability Insurance in the amount of not less than $500,000.00
- Submit Surety Bond in the amount of $50,000.00 issued by a licensed bonding company
- Submit a compiled financial statement prepared by a CPA or a public accountant dated not earlier than 12 months prior to the date of application (must indicate a minimum net worth of at least $100,000.00.
- Submit proof of business tax license required by local applicable law.
- Submit payment of license fees to the Tennessee Auctioneer Commission.
Application fee: $50.00
License fee: $175