An autobroker's endorsement requires payment of fees as required by subdivision (d) of Section 9262 of the California Vehicle Code.
A dealer may not engage in brokering a retail sales transaction without having an autobroker's endorsement to their dealer's license.
Upon issuance of an autobroker's endorsement to a dealer's license, the department shall furnish the dealer with an autobroker's log. The autobroker's log remains the property of the department and may be taken at any time for inspection.
The autobroker's log must contain the following information with respect to each retail sale brokered by that dealer:
- Vehicle identification number of brokered vehicle
- Date of brokering agreement
- Selling dealer's name, address, and dealer number
- Name of consumer
- Brokering dealer's name, address, and dealer number (CVC Section 11735 )
A dealer who brokers a motor vehicle sale shall deposit directly into a trust account any purchase money, including purchase deposits, it receives from a consumer or a consumer's lender.
- All trust accounts required by CVC Section 11737 shall be maintained at a branch of a bank, savings and loan association, or credit union regulated by the state or the government of the United States.