Vehicle dealers need an autobroker’s endorsement on their vehicle dealer license in order to broker retail sales transactions.
After DMV issues an autobroker’s endorsement to a dealer’s license, we will provide the dealer with an autobroker’s log. The autobroker’s log remains the property of DMV and may be taken at any time for inspection.
The autobroker’s log must contain the following information for each retail sale brokered by that dealer:
- Vehicle identification number (VIN) of brokered vehicle.
- Date of brokering agreement.
- Selling dealer’s name, address, and dealer number.
- Name of consumer.
- Brokering dealer’s name and dealer number (California Vehicle Code [CVC] §11735).
A dealer who brokers a motor vehicle sale must deposit any purchase money it receives from a consumer or a consumer’s lender directly into a trust account (including purchase deposits).
- All trust accounts required by CVC §11737 must be maintained at a bank branch, savings and loan association, or credit union regulated by the state or the government of the United States.
An autobroker’s endorsement requires payment of fees as required by subdivision (d) of CVC §9262.
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