Colorado Auction License

Do you want to start a career as an auctioneer, but you are not sure yet where to start? Well, in any sphere, it is advisable to get to know the requirements and necessary steps you need to complete. Here you may find the information you need for your further career.

Requirements

So, let us go straight to the requirements you need to meet if your final goal is getting a Colorado auction license. The first information for you to know is that the Colorado Motor Vehicle Dealer Board is responsible for issuing Dealer or Wholesale Licenses. If you plan on selling vehicles constantly, then you will need to get a Colorado Dealer/Wholesale License.

Well, when you have already made your firm decision of obtaining an auctioneer certificate, your first action should be whether you have the necessary qualifications for it or not. The main qualifying points are:

• A net worth of $100,000
• Clear criminal history
• A Vantage score (at least 701)
• Examination Affidavit

Those CO residents, who have a criminal history and have been convicted of a felony will still have an opportunity to gain the certificate under certain circumstances confirmed by the Board.

The next step, after confirming that you are qualified, is completing the state Dealer Application. There are still different types of permits and applicants should be careful not to confuse the forms.

There are the following:

• Franchise Traders (for new automobiles)
• Dealers for used vehicles
• Wholesalers
• Wholesale Auctioneers (conducting wholesale auctions)

Most importantly, before you complete the actual steps, study all the important regulations and laws that will be included in the test you are going to take. All the questions are based on them, and you cannot gain a passable score if you fail to study.

Mastery Examination for Colorado Auction License

Generally, the exam is online (computerized). However, if there are applicants who prefer the written option, should submit a request to the Board explaining the reasons that make it impossible to take the exam online. Commonly the examination is administered by relevant Associations. Again, if the examinee wants to take the testing specifically in one of the Association’s offices, he/she must file a request stating the underlying reasons.

The test should be taken independently, without any assistance. There is a 90-minute time limit. After its expiration, the examinee will not be able to continue, even if he/she hasn’t finished with the questions. The passing score is 85% and higher.

You can see the results of the exam immediately, as soon as you submit it. When the score is passing, the applicant immediately confirms and signs an Affidavit.

Colorado Auction License Renewal

Many people wonder when their permit expires. Generally, the expiration date is specified on the documents, so there should not occur any issues with this. After the expiration, there is also a grace period, which enables the residents to renew the permit rather than apply for a new one. For renewal, there is no need to retake any examination. However, a necessity of retaking it arises, if more than a year has passed after the expiry date.

Fees

At last, let’s see the obligatory fees that come along with acquiring the permit. The entire process will cost you approximately $300. The application fee is $25. Licensing fee is about $200, and for fingerprinting there is a $17 payment.