Motor Vehicle Industry License Certification Prep Materials| Approved 2025/2026
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Course
Colorado contracts
Institution
Colorado Contracts
Motor Vehicle Industry License
Certification Prep Materials| Approved
2025/2026
What is the primary function of a motor vehicle industry license?
To legally authorize individuals and businesses to engage in motor vehicle sales, leasing, or
other related activities.
What is required to obta...
Motor Vehicle Industry License
Certification Prep Materials| Approved
2025/2026
What is the primary function of a motor vehicle industry license?
To legally authorize individuals and businesses to engage in motor vehicle sales, leasing, or
other related activities.
What is required to obtain a motor vehicle dealer license in Colorado?
Completion of an application, payment of fees, proof of a physical location, and meeting
state regulations.
What distinguishes a "franchised dealer" from a "independent dealer"?
A franchised dealer is authorized to sell new vehicles from a specific manufacturer, while an
independent dealer sells used vehicles or new vehicles from multiple manufacturers.
What are the eligibility requirements for a motor vehicle salesperson license?
Applicants must be at least 18 years old, complete necessary training, and pass a background
check.
What type of bond is typically required for a motor vehicle dealer in Colorado?
A surety bond, which protects consumers and ensures compliance with state laws.
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, What is the importance of maintaining a valid license for motor vehicle dealers?
A valid license is required to operate legally, avoid fines, and protect consumers.
What is a "dealer plate," and who can use it?
A special license plate issued to licensed dealers for use on vehicles in their inventory.
What is the typical duration of a motor vehicle industry license in Colorado?
Licenses are generally valid for one year and must be renewed annually.
What happens if a dealer fails to renew their license on time?
The dealer may face fines, penalties, and could be prohibited from conducting business until
the license is renewed.
What is the process for a dealer to change their business name or location?
The dealer must notify the Colorado Department of Revenue and submit a request for the
change.
What does the term "used vehicle" refer to in the context of motor vehicle licensing?
Any motor vehicle that has been previously owned or used by someone other than the current
seller.
What must be included in the dealer's sales contracts according to Colorado law?
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