License to Operate
This document grants a company legal permission to begin operations.
What is a business license?
This insurance protects your dealership building and inventory.
What is property insurance?
Under UCC, this kind of warranty is made when a seller gives a specific promise.
What is an express warranty?
A section of the business plan that describes your product or service.
What is the business description?
These aftermarket businesses sell oil, filters, and tools.
What are auto parts retailers?
A Michigan Class A license allows a dealer to sell this type of vehicle.
What is a new vehicle?
Provides legal protection if a customer slips and falls on your lot.
What is general liability insurance?
A warranty that goods will perform their ordinary use is known as what?
What is the warranty of merchantability?
This section outlines who manages the company and their roles.
What is the management and organization section?
These businesses sell parts from multiple manufacturers without OEM branding.
What are independent aftermarket suppliers?
This is often required for collecting and remitting sales tax.
What is a tax permit?
This policy helps cover employees' medical expenses if they get injured.
What is workers' compensation insurance?
UCC rules are the same in every state because of this legal characteristic.
What is uniform adoption?
Projects your income and expenses for future operations.
What are financial forecasts?
This aftermarket segment includes items like floor mats and spoilers.
What are accessories?
If your dealership also repairs vehicles, you may need this additional license.
What is a repair facility license?
This insurance protects against losses due to online fraud or hacking.
What is cyber liability insurance?
This UCC term refers to legally securing a financed vehicle as collateral.
What is a security interest?
This section explains how products will be distributed to customers.
What is the operations plan?
Tier 2 suppliers usually provide parts to whom?
What are Tier 1 suppliers?
This federal agency provides guidance on what licenses a new business might need.
What is the Small Business Administration (SBA)?
This optional coverage helps protect against large lawsuits and claims.
What is umbrella insurance?
A buyer can do this if the dealer fails to meet contract terms.
What is cancel the contract or sue for damages?
SBA recommends entrepreneurs complete this free online planning tool.
What is the SBA business plan course?
A U.S. trade organization that supports specialty aftermarket manufacturers.
What is SEMA (Specialty Equipment Market Association)?