Auto Dealer Bonding Process
How to Get Started
Viking provides Auto Dealer Surety Bonds nationwide. Viking provides competitive terms and quick service. Getting the bonding process started with Viking is easy. There are several ways to get started on your bond request with Viking:
- Call Us. We are happy to take your call and go over your specific dealer bond request person to person. (1-888-278-7389)
- Complete the Online Application.
- Use an existing surety bond application. If you have already completed an application elsewhere, you may send that same application in to us and we will work from it, rather than having you complete a new one. Additionally, you can send in any dealer bond quote received elsewhere and we will attempt to beat it.
- Complete the Contact Form on the page. One of our specialists will contact you shortly after you complete the form.
- Email Us. You can email us with any questions or with an explanation of what you are looking for. Be sure to include contact information so one of our specialists can get back to you via your preferred method of communication.
The Auto Dealer Bond Explained
An Auto Dealer Bond is a type of commercial license surety bond. The bond is typically required by departments in state governments that handle vehicle licensing such as the Arizona Department of transportation.
Each state has a set of laws and statutes regarding the operation of auto dealers within that states boundary. The Auto Dealer Bond serves to protect the state by providing a form of guarantee that the licensee, the dealer, will adhere to these state laws.
In an instance where the auto dealer does not adhere to the state laws, a claim may be made on the bond up to the bond penalty, bond amount. In the case of a claim, the Surety, the company providing the guarantee behind the bond, is typically required to pay the penalty amount to the state within a certain time frame if the dealer has not already done so. The Surety will then attempt to collect the paid amount from the dealer. The auto dealer is ultimately financially responsible for any amount paid on the Bond.
Auto Dealer Bond Rates
Rates for Auto Dealer Bonds vary widely. The rates are determined based on various factors which include credit standing and may include financial standing as well. Typically, the poorer the credit, the higher the quotes are for auto dealer bonds.
The best way to get a truly accurate quote for an auto dealer bond is to apply for the bond and let the underwriter review the request and put a quote together.
will always attempt to get the best rate for any surety bond request. In instances where the rate is high to start due to challenged credit, our renewal department can remarket the bond, at time of renewal, if there has been an improvement in credit and/or financial standing.
What is needed to apply for an Auto Dealer Bond?
There is some information that is specific to each type of bond for each state. In most cases, our agents either already have the necessary information, or can assist with getting it.
- Obligee Name – This is typically the name of the state government department that is requiring the surety bond.
- Bond Form – This is the actual document containing the legal verbiage of the bond. For Auto Dealer Bonds, most states use their specifically worded bond forms. In most cases, we already have these bond forms on file.
- Surety Bond Penalty – This is the bond amount. The department requiring you to get a surety bond will also inform you of the correct bond amount.
How to Get Started with your Auto Dealer Bond request:
- Contact us to go over your bond request. Our agents will be able to tell you exactly what may be required to get a good quote for your specific bond request.
- Complete an application and send any required documentation. A financial statement is not always needed but may be required along with the application. An agent will let you know if a financial statement will benefit the quote.
- Once the application is received, an agent will work to get the best quote for the request. Typically the quote will be obtained same day to 24 hours.
- Once the quotes are received, the most favorable quote will be relayed. All quotes are FREE with No Obligation.
- The last step is to simply pay the premium and receive your Auto Dealer Bond.
(See Also: Auto Dealer Bonds By State)
Request a Auto Dealer Bond Quote:
- Call us at 1-888-278-7389.
- OR
- Complete an Online Application.
- OR
- Complete the contact form on the page. One of our agents will contact you shortly.
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