The Full Wyoming Dealer License Guide [2020]

Published: Jan 3, 2020
wyoming dealer license

 

Wyoming car dealerships have to undergo an administrative procedure with state authorities that ensures their legal compliance. If you want to sell more than 3 vehicles per year, you have to obtain a Wyoming dealer license. 

The auto dealer license allows you to operate your business legally. The process includes meeting a list of requirements. As a part of them, you have to post an auto dealer bond. It guarantees you will follow the applicable rules and regulations.

**NEW:** Download our FREE e-book guide containing comprehensive information on how to start your own dealership, from getting licensed and bonded to securing financing and cars for your lot!

In the guide below, you can find the most important steps that you need to take, so that you launch your dealership with ease. 

1. Determine the right auto dealer license type 

The licensing body is the state Department of Transportation (DOT). There are a few different Wyoming car dealer license types that you can obtain: 

  • New Vehicle Dealer
  • Used Vehicle Dealer (less than 12 retail sales per year)
  • Used Vehicle Dealer (more than 12 retail sales per year)
  • Manufacturer

2. Get to know the Wyoming dealer license requirements

The DOT enforces specific rules regarding the operations of Wyoming auto dealers. The requirements that you have to fulfill are: 

  • Personal information about owners
  • Supplemental Information Questionnaire for all owners, corporate officers, and members and photos of all of them
  • Business entity details
  • Franchise papers or dealer sales and service agreements for all new vehicles (new vehicle dealers)
  • Business location requirements (storage space, display area, listed landline, business name, and business sign)
  • Photos of business location
  • Lease or rental agreement
  • $25,000 surety bond

3. Prepare your paperwork

wyoming dealer licenseIn order to launch your licensing process, you have to fill in the application form. Along with that, you need to make sure you meet all of the requirements listed above.

There are additional documents that you have to obtain from other authorities as well. They include:

  • Copy of your Articles of Incorporation or Organization from the Wyoming Secretary of State
  • Employer Identification Number (EIN) from the IRS
  • Sales/Use Tax License from the Wyoming Department of Revenue
  • Written approval from your city or county zoning authority
  • Criminal background check for all owners, officers and members from your local law enforcement agency (both state non criminal and federal criminal fingerprint card)

For further details, you can consult the Requirements for Dealer License document

4. Apply with your full document set

Once you obtain all the necessary paperwork, you have to mail it together with your completed application form to:

 

WYDOT

ATTN: Motor Vehicle Services

5300 Bishop Blvd.

Cheyenne, WY 82009-3340

 

The annual license fees are as follows:

  • $100 for manufacturers and dealers selling more than 12 vehicles in the last 12 months
  • $25 for dealers selling less than 12 vehicles in the last 12 months

You also have to cover the $39 fingerprint processing fee made payable to “Attorney General – DCI.”

When you have obtained your license, you can get demo, full use or manufacturer license plates from the County Treasurer. Their prices are:

  • $25 for one demo or manufacturer plate
  • $125 for one full use plate

5. Obtain the necessary Wyoming auto dealer bond 

In order to obtain your Wyoming car dealer license, you have to post a surety bond. It is a safety instrument whose purpose is to safeguard the interests of your customers. 

The amount of the required Wyoming auto dealer bond is $25,000 for all license types. You have to provide it using the official bond form once your application form has been approved. 

The price that you have to pay is a small percentage of the amount, which is called your premium. If your finances are in good shape, you can expect rates between 0.75% and 5%. The exact cost is based on a careful evaluation of your personal credit score, company finances, and fixed and liquid assets. 

6. Undergo the yearly renewal process

You have to renew your Wyoming auto dealer license every year. The expiration date is the final day of your bond coverage. Thus, in order to renew your license, you have to also renew your surety bond. 

 

Do you need further information about the Wyoming dealer license and bonding process? You can reach us at 877.514.5146.

The following two tabs change content below.
Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.

Latest posts by Victor J. Lance, President/Owner (see all)