If you’re an auto dealer in California you probably have some questions about auto dealer bonds! Viking Bond Service is here to help. Let’s start with some quick facts:
Basically this means that you’ll need to apply for a bond and renew it every year to ensure that your auto dealership complies with state auto dealership regulations. The California Department of Motor Vehicles requires that auto dealers maintain an active bond to provide a form of financial recompense for parties who suffer financial loss due to the actions of the dealer. In fact, the California DMV requires you to have an auto dealer bond in place to apply for and keep your auto dealer license.
By applying for a bond and maintaining an auto dealer license you agree to not partake in any fraudulent activity that will cause financial loss to your clients. If the surety is required to pay out on your behalf, you will be required to repay the surety.
Although obtaining and maintaining an auto dealer bond can take a huge amount of time and effort, it doesn’t have to. To help you focus your energy on running your business it’s important to work with a good bonding company who can make the process quick and easy. Selecting a trusted and established bonding company will not only save you time but you can rest assured that they have the experience to track down the best rate for the bond you need.
For more information about California auto dealer bonds including required bond amounts, the application process, and how much auto dealer bonds cost in California, visit Viking Bond’s California auto dealer bond page.
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