Public automobile auction means offering motor vehicles for sale to the highest bidder where buyers are members of the public by any motor vehicle dealer licensed to sell used motor vehicles, and which dealer is licensed as a public automobile auctioneer. The Auctioneer shall be responsible for the advertising and management of the sale and account for all proceeds therefrom and shall, over his signature, issue a closing statement to the seller or sellers.
Ashton Agency has a 99% approval rate and offers the bond required for all Tennessee public automobile auctioneers at some of the most competitive rates! Let us save you money!
Who needs an auction bond?
Individuals or Businesses in the State of Tennessee desiring to be licensed as a Public Automobile Auctioneer must be licensed by the Tennessee Auctioneer Commission and provide a $50,000.00 Public Automobile Auction License Surety Bond to be in compliance with Chapter 79, Tennessee Public Acts of 1955 of the Tennessee statutes.
What is the auction bond?
Public automobile auction means offering motor vehicles for sale to the highest bidder where buyers are members of the public by any motor vehicle dealer licensed to sell used motor vehicles, and which dealer is licensed as a public automobile auctioneer by the Tennessee Auctioneer Commission; provided, that no public automobile auction as herein defined shall otherwise limit the auctioning of used motor vehicles exclusively to licensed motor vehicle dealers or their duly authorized agents. The Auctioneer shall be responsible for the advertising and management of the sale and account for all proceeds therefrom and shall, over his signature, issue a closing statement to the seller or sellers.
The Auction Bond expires annually on June 30th.
What else do I need besides the auction bond?
Any person, including the State of Tennessee, who has a cause of action under the laws governing the Tennessee Motor Vehicle Commission shall be entitled to bring suit on this bond. No suit on this bond may be maintained to enforce any liability unless the suit is brought within two (2) years after the event giving rise to the cause of action.
I have everything I need. What now?
Public Automobile Auctioneers will submit the original signed bond form to the Tennessee Department of Commerce and Insurance at the following address:
Tennessee Department of Commerce and Insurance
500 James Robertson Parkway
Davy Crockett Tower
Nashville, TN 37243
The Tennessee Department of Commerce and Insurance can be reached by phone at (615) 741-2241.
Get Bonded Within One Business Day!
Only Ashton Agency can provide you with:
Many companies write public automobile auction bonds, but by contacting the Ashton Agency, you can be sure you'll be getting the best price available, not to mention our stellar customer service and insider knowledge of the auto industry. We've been helping auto dealers get bonded for more than 45 years. Let us put that experience to work for you today!
Call us now at (800) 451-4854 for a free quote and we will contact you within 24 hours. We can assist you over the phone to ensure you receive your bond quickly and easily!
Don't have time to speak on the phone? Please fill out our easy online application and fax to (407) 678-2468. We can get you started right away!