Licensing Basics
This license allows a business to sell new or used vehicles.
What is a dealer license?
This protects a business from claims like property damage or injury.
What is general liability insurance?
A warranty that the product works as expected, even if not written.
What is an implied warranty?
A short overview at the start of a business plan.
What is the executive summary?
These companies install or service aftermarket parts.
What are service providers?
This local requirement ensures your business location follows city laws.
What is a zoning permit?
This insurance covers workers who are hurt on the job.
What is workers’ compensation insurance?
A specific promise from a seller about a product’s performance.
What is an express warranty?
A document that outlines how a business will succeed.
What is a business plan?
These companies supply directly to vehicle manufacturers.
What are Tier 1 suppliers?
This license is required in some states for employees who sell vehicles.
What is a salesperson license?
A policy that covers damages from hacking or stolen customer data.
What is cyber liability insurance?
This warranty applies when a seller knows your intended use for a product.
What is the warranty of fitness for a particular purpose?
A detailed look at the customers and competitors in your market.
What is a market analysis?
Parts not approved by the original manufacturer are called what?
What are grey-market parts?
Businesses need this general approval to legally operate in any city.
What is a business license?
This insurance protects vehicles owned by the business.
What is commercial auto insurance?
These warranties are governed by this national set of business laws.
What is the Uniform Commercial Code (UCC)?
This section explains how the business will promote and sell products.
What is the marketing and sales strategy?
These businesses restore old or damaged parts to like-new condition.
What are specialist refurbishers?
This type of permit is needed when selling hazardous or regulated items.
What is an environmental permit?
This policy offers extra coverage when other policies run out.
What is umbrella or excess liability insurance?
This must be done clearly if a business wants to avoid honoring a warranty.
What is a disclaimer?
This part of the plan includes income, expenses, and funding needs.
What are financial projections?
A system that sells online, in-store, and mobile all at once.
What is omnichannel distribution?