Motor Vehicle Dealer Bond
Auto Dealer Bonds from Viking Bond Service
In most states, a motor vehicle dealer bond is required when seeking licensure to operate an auto dealership or other type of motorized vehicle dealership. In some states, the bond may be required as part of the auto dealer vehicle registration process. Let's take a closer look at auto dealer bonds and how they can help you.
What is an Auto Dealer Surety Bond?
The motor vehicle dealer bond is a license surety bond that serves to protect the public by providing a path for recourse in situations where an auto dealer does not adhere to the laws, rules, and regulations of the state or governing body requiring the bond. They involve the principal (the auto dealer company), the obligee (state departments responsible for handling vehicle licensing), and the surety company.
Depending on the type of dealership you plan to run, you may need to file one of several bond types, including:
- RV bonds
- Used car dealer bonds
- Wholesale dealer bonds
- Motorcycle dealer bonds
- DMV bonds
All of these bonds generally operate in the same basic way. If a dealer commits fraud or conducts unethical business practices, the wronged party (which can include a customer, the bank, or the government agency that provided the license) can make a claim and receive compensation from the surety company.
Car dealership bond amounts vary depending on the state where the bond is required, the classification of the motor vehicle dealer license being acquired, and the number of units sold previously or projected to be sold. If you require this surety bond to operate your business, you typically have to maintain it for as long as the license is to remain enforced. These bonds are annually renewable.
Why are MVD Bonds required?
A motor vehicle dealer bond is designed to protect the state and potential customers from dealerships that commit fraud. Sureties scrutinize the principal being bonded to assess the potential risk of bonding the individual or company. This gives potential customers peace of mind while adding credibility to your dealership in the eyes of the state agency.
Why Choose Viking Bond Service
Viking Bond Service writes auto dealer bonds nationwide. We provide competitive quotes for both good credit and bad credit clients. Thanks to a streamlined processing system and a knowledgeable technical staff, turnarounds are quick, giving us more time to focus on helping and informing our clients and agents. For instance, a quote will typically take just 24 hours to obtain after receiving the surety bond application.
Viking Bond Service works with many markets, and we approve nearly all of the requests sent to us. Those who wouldn't traditionally qualify for a bond due to financial deficiencies or bad credit can apply to special programs to receive surety bonds. If you have questions or would like to apply for a motor vehicle dealer bond today, please apply online or contact us through our form or by calling us at 1-888-278-7389.
(See Also: Cost Expectations for Auto Dealer Bonds)
Request a Motor Vehicle 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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