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Auto Dealer Bond Florida

Auto Dealer Bond Florida

Florida State requires auto dealers to purchase a form of license surety bond known as an auto dealer bond. These bonds are designed to protect car buyers in Florida. They provide a guarantee that ensures there is financial compensation available to the consumer should the auto dealer fail to adhere to the contract terms.

Get your Auto Dealer Bond Florida with Viking Bond Service

At Viking Bond Service we make getting the auto dealer bond you need fast and easy. As one of the top auto dealer bond companies in the US, we have the experience and knowledge to get you the bond you need when you need it. We have provided Florida auto dealer bonds to our clients for over a decade and have clients who have maintained their bond with us for just as long. Read our Florida auto dealer bond guide below to get a head start on your application.

Florida Auto Dealer Bonds Explained:

What parties are included in a Florida auto dealer bond?

Your Florida auto dealer bond will involve three key parties:

  • The surety: the underwriter of the bond
  • The obligee: the party that requires the bond (Florida State)
  • The principal: the auto dealership owner

Who needs an auto dealer bond in Florida?

Dealerships that sell motor vehicles, recreational vehicles, or mobile homes will need to have an auto dealer bond in place as part of the dealership licensing process. Any business participating in the sale of these vehicles will generally be required to purchase a motor vehicle surety bond in Florida that offers $25,000 of financial coverage.

How are auto dealership bonds in Florida obtained?

To obtain a motor vehicle dealer bond in Florida, you’ll need to use the services of a bonding company like Viking Bond Service. With Viking Bond Service the process is simple: all applicants submit an application form and the supporting documentation needed to calculate your quote. The additional documentation includes a credit check and in some cases business financial records and a business resume. Once the application is complete, all paperwork signed, and the premium paid, you will be issued your motor vehicle dealer surety bond for the state of Florida.

How much will a Florida auto dealer bond cost?

There is no fixed price for a motor vehicle dealer bond in Florida, but prices generally range between 1 and 5 percent of the bond amount. The price of the bond premium is influenced by many factors including your credit history and the financial standing of your dealership. The bonding company uses risk factors to calculate the likelihood that they will receive a claim against the bond to determine the exact premium cost. We seek to find the best rate and terms for our clients.

Choose Viking Bond Service for your auto dealer bond in Florida

The team at Viking Bond Service is friendly, knowledgeable, and experienced. We offer a fast and efficient service that makes getting the bond you need quick and easy. In fact, we respond to most quote requests within 24 hours.

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