Requirements for obtaining a public automobile auction license: Owner must be licensed in Tennessee as a public automobile auctioneer or must have a Tennessee public automobile auctioneer as principal. Application must be completed and submitted to the Tennessee Auctioneer Commission along with proof of the following and total license fee:
- Letter of compliance with local ordinances from the local zoning authority
- Garagekeeper's legal liability insurance in the amount not less than five hundred thousand dollars ($500,000)
- Surety Bond of fifty thousand dollars ($50,000) issued by a licensed bonding company
- Financial statement prepared in accordance with generally accepted accounting principles by a certified public accountant or public accountant dated not earlier than twelve (12) months prior to the date of the application along with any changes to the statement. (Must have a minimum net worth of $100,000)
- Business telephone in the auction company name (cellular telephones are not acceptable).
- Local business tax license as required by local applicable law
- Valid motor vehicle dealer license from the Tennessee Motor Vehicle Commission.
Application fee: $50 License fee: $175 TOTAL: $225