Steps to Renew a Florida Auto Dealer License
Florida auto dealers: Your license renewal deadline is quickly approaching! Independent motor vehicle dealers (VI), Motor vehicle auction licensees (VA), Salvage motor vehicle dealers (SD), and Wholesale motor vehicle dealers (VW) must renew by April 30 to stay compliant.
This blog reviews all the steps necessary to renew these license types and continue running your business.
Step 1: Complete Continuing Education
Dealers must complete eight hours of continuing education (CE) and include a completion certificate with the renewal application form.
For just $19.95, you can finish your CE requirement from anywhere with our eight-hour online course! It includes six hours of DMV rules core training and two hours covering various elective topics. Once finished, you can print your certificate of completion!
Step 2: Renew Your $25,000 Bond
Your renewal application must include an original $25,000 surety bond. There are many online bond providers you can choose from. Once you get your bond, fill out this form and include it with your application.
Why do you need a bond?* Think of it like an insurance policy for your customers. If, for example, you break the law by misrepresenting a vehicle and it harms a customer, they can make a claim against your bond.
Your $25,000 bond ensures that money can be paid to people who deserve it if you make a mistake.
*Bond not required for SD licenses.
Step 3: Get a Copy of Your Garage Liability Insurance
Another renewal requirement is getting a copy of your proof of Garage Liability insurance.* Your policy must include $25,000 of single limit liability coverage, including bodily injury and property damage protection, and $10,000 of personal injury protection.
You could also get general liability and business automobile policies with the same $25,000/$10,000 coverage amounts.
Your policy’s insurance agent must sign the copy included in your application.
*This insurance is not required for SD licenses.
Step 4: Complete the License Renewal Form
After you’ve finished all the preliminary steps, you’re ready to renew using the Florida Department of Highway Safety and Motor Vehicles form 86720.
Before filling out the form, have the following things ready:
- Your current license number
- Your sales tax number
- An acceptable proof of identification (a driver's license or passport)
- Your business email address and phone number
- Your CE completion certificate
- The $75 annual renewal fee or $150 for a biennial (two-year) renewal. Checks must be made payable to DHSMV.
Also, remember to include your surety bond form, your signed Garage Liability insurance policy, and a copy of certification from the Division of Corporations showing your current registration of the business and fictitious name(s).
Submit the renewal application to the regional office for your dealership (find yours here). Once your license is renewed, you can keep meeting your customers’ new or used car needs.