Business Licenses
This is the most essential license for selling vehicles in any U.S. state.
What is a dealer license?
This insurance covers accidents or injuries during test drives and vehicle servicing.
What is garage liability insurance?
The UCC was adopted by all 50 states to regulate this kind of transaction.
What are commercial transactions or the sale of goods?
This section of a business plan gives a brief snapshot of the company’s goals and mission.
What is the executive summary?
These suppliers provide major systems and parts directly to OEMs.
What are Tier 1 suppliers?
A license required in some states specifically for employees selling cars.
What is a salesperson license?
This policy provides protection against claims like slander or wrongful termination.
What is employment practices liability insurance (EPLI)?
This type of warranty is not spoken or written but is assumed by law.
What is an implied warranty?
The SBA recommends creating this before launching a business to improve chances of success.
What is a business plan?
These suppliers provide specialized components to Tier 2 or Tier 1 firms.
What are Tier 3 suppliers?
This type of permit may be necessary if your dealership handles hazardous materials.
What is an environmental permit?
A type of insurance that covers losses from cyber attacks and data breaches.
What is cyber liability insurance?
A warranty that guarantees a product will work for the buyer’s communicated purpose.
What is the implied warranty of fitness for a particular purpose?
Poor management, insufficient capital, and lack of planning are all examples of this.
What are reasons businesses fail?
This refers to unauthorized, often imported parts that are not covered by OEM warranties.
What are grey-market parts?
This class of Michigan dealer license allows the sale of used vehicles only.
What is a Class B license?
This insurance supplements other policies by offering higher coverage limits.
What is umbrella or excess liability insurance?
Under the UCC, this must be done conspicuously to void a warranty.
What is a disclaimer?
This section of a business plan analyzes the industry, competitors, and customer base.
What is the market analysis?
This concept combines online, mobile, and physical platforms to deliver a unified customer experience.
What is omnichannel distribution?
Failure to obtain this local approval can result in a shutdown due to land use restrictions.
What is a zoning permit?
Insurance that helps pay costs when someone embezzles funds using a computer.
What is computer fraud coverage?
The UCC gives buyers this right if a seller breaches the sales contract.
What is the right to cancel the contract or seek damages?
This portion of the plan outlines revenue expectations, operating expenses, and funding needs.
What are financial projections?
A type of aftermarket business that restores used components to like-new condition.
What is a specialist refurbisher?