The bill amends New Jersey's laws regarding new motor vehicle dealer licenses by introducing a provisional new motor vehicle dealer license. This provisional license can be issued by the Chief Administrator of the New Jersey Motor Vehicle Commission to applicants who are in the process of meeting specific requirements for a full dealer license, such as obtaining a franchise agreement or installing a permanent sign. The provisional license is valid for 90 days, with a one-time extension option for an additional 90 days, and will not incur any extra fees. The bill also establishes new definitions and requirements for both new and used motor vehicle dealers, including the necessity for new dealers to sell a minimum of four new vehicles annually and maintain a designated business location.

Additionally, the bill modifies the requirements for obtaining a new motor vehicle dealer license, allowing applicants more flexibility in establishing their place of business, which can now include attached or separate spaces on the same property or an off-site facility within the relevant market area. It updates the definition of a new motor vehicle dealer to clarify that it refers to authorized dealers of motor vehicle franchisors, excluding agents or distributors of manufacturers. The bill also specifies that leasing dealers are not considered to be engaged in buying or selling vehicles unless they sell to consumers other than the lessee, in which case they must obtain a used car dealer license. The provisions of the bill will take effect immediately and apply to all current and pending license applications.