South Dakota § 32-6B-82 Exceptions for the purpose of broadening diversity of dealer body.

South Dakota Statutes

§ 32-6B-82 — Exceptions for the purpose of broadening diversity of dealer body.

South Dakota·Title 32 MOTOR VEHICLES·Ch. 32-6A REGULATION OF VEHICLE DEALERS

For the purpose of broadening the diversity of its dealer body and enhancing opportunities for qualified persons who are part of a group who have historically been underrepresented in its dealer body, or other qualified persons who lack the resources to purchase a dealership outright, but for no other purpose, a manufacturer or franchisor may temporarily own an interest in a dealership if the manufacturer's or franchisor's participation in the dealership is in a bona fide relationship with a franchised vehicle dealer who:

(1)Has made a significant investment in the dealership, subject to loss;

(2)Has an ownership interest in the dealership; and (3) Operates the dealership under a plan to acquire full ownership of the dealership within a reasonable time and under reasonable terms

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For the purpose of broadening the diversity of its dealer body and enhancing opportunities for qualified persons who are part of a group who have historically been underrepresented in its dealer body, or other qualified persons who lack the resources to purchase a dealership outright, but for no other purpose, a manufacturer or franchisor may temporarily own an interest in a dealership if the manufacturer's or franchisor's participation in the dealership is in a bona fide relationship with a franchised vehicle dealer who: (1) Has made a significant investment in the dealership, subject to loss; (2) Has an ownership interest in the dealership; and (3) Operates the dealership under a plan to acquire full ownership of the dealership within a reasonable time and under reasonable terms and conditions.

South Dakota § 32-6B-82 (Exceptions for the purpose of broadening diversity of dealer body.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.