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Maryland Auto Dealer Bond

Maryland Auto Dealer Bond

Those looking to conduct business as an auto dealer in the state of Maryland need to obtain an auto dealer bond. By familiarizing yourself with the auto dealer bonding process, you'll be better equipped to work as a motor vehicle dealer in the state, whether you're looking to deal cars, trucks, RVS, or motorcycles.

The Maryland Motor Vehicle Dealer Bond is a License Surety Bond which has the purpose of ensuring that the citizens of Maryland are protected if an auto dealer breaks contract. These bonds provide a path for recourse for citizens to recoup any losses incurred due to dishonest tradesmen.

When an auto dealer does not adhere to the laws, rules, and regulations set forth by Maryland state legal statutes, they can be held liable for the damages they cause. Dealer bonds are an important part of the Motor Vehicle Dealer licensing and registration process, as the state wants to ensure that its citizens are protected.

Requirements for Maryland Auto Dealer Bonds

In Maryland, the required Motor Vehicle Dealer bond amounts are as follows:

Maryland, New Motor Vehicle Dealer bond requirement – Amount determined by sales:

  • 1 – 500 $50,000 Surety Bond
  • 501 - 1,000 $75,000 Surety Bond
  • 1,001 - 2,500 $100,000 Surety Bond
  • Over 2,500 $300,000 Surety Bond

Maryland, Used Motor Vehicle Dealer bond requirement – Amount determined by sales:

  • 1 – 250 $15,000 Surety Bond
  • 251 - 500 $25,000 Surety Bond
  • 501 - 1,000 $35,000 Surety Bond
  • 1,001 - 2,500 $50,000 Surety Bond
  • Over 2,500 $150,000 Surety Bond

Maryland, Wholesale Motor Vehicle Dealer bond requirement – Amount determined by sales:

  • 1 – 250 $15,000 Surety Bond
  • 251 - 500 $25,000 Surety Bond
  • 501 - 1,000 $35,000 Surety Bond
  • 1,001 - 2,500 $50,000 Surety Bond
  • Over 2,500 $150,000 Surety Bond

Maryland, Trailer Dealer bond requirement – Amount determined by type:

  • Boat Trailer $5,000 Surety Bond
  • Under 15 feet $5,000 Surety Bond
  • Over 15 feet $15,000 Surety Bond

Maryland, New Motorcycle Dealer bond requirement – Amount determined by sales:

  • 1 – 500 $50,000 Surety Bond
  • 501 - 1,000 $75,000 Surety Bond
  • 1,001 - 2,500 $100,000 Surety Bond
  • Over 2,500 $300,000 Surety Bond

Maryland, Used Motorcycle Dealer bond requirement – Amount determined by sales:

  • 1 – 250 $15,000 Surety Bond
  • 251 - 500 $25,000 Surety Bond
  • 501 - 1,000 $35,000 Surety Bond
  • 1,001 - 2,500 $50,000 Surety Bond
  • Over 2,500 $150,000 Surety Bond

Maryland, New Emergency Vehicle Dealer bond requirement – Amount determined by sales:

  • 1 – 500 $50,000 Surety Bond
  • 501 - 1,000 $75,000 Surety Bond
  • 1,001 - 2,500 $100,000 Surety Bond
  • Over 2,500 $300,000 Surety Bond

Maryland, Used Emergency Vehicle Dealer bond requirement – Amount determined by sales:

  • 1 – 250 $15,000 Surety Bond
  • 251 - 500 $25,000 Surety Bond
  • 501 - 1,000 $35,000 Surety Bond
  • 1,001 - 2,500 $50,000 Surety Bond
  • Over 2,500 $150,000 Surety Bond

Maryland, Title Services bond requirement - $25,000 Surety Bond

Maryland, Vehicle Manufacturer, Vehicle Second Stage Manufacturer, Vehicle Distributor, Vehicle Factory Branch bond requirement – Amount determined by number of vehicles sold:

  • 1 – 50 $25,000 Surety Bond
  • 51 - 500 $50,000 Surety Bond
  • 501 - 10,000 $100,000 Surety Bond
  • Over 10,000 $300,000 Surety Bond

You should always check with the Maryland Department of Transportation Motor Vehicle Administration, or requesting agency, for the most current required Maryland Motor Vehicle Dealer bond amount as well as the required bond forms.

How to Get an Auto Dealer Bond in Maryland

Obtaining an auto dealer bond in Maryland is easy with the help of a qualified surety bond provider. Viking Bond Service is dedicated to providing aspiring auto dealers the ability to connect the dots between their business and local surety requirements. There are three parties involved in an auto dealer surety bond:

  • The Principal is the entity that needs to be bonded (that's you)
  • The Obligee is the one who requires the bond (the state of Maryland)
  • The Surety is the party who serves as the underwriter for the bond (Viking Bond Service)

How Much do Auto Dealer Bonds Cost in Maryland?

There is no fixed price for auto dealer bond premiums in Maryland. This is because there are many factors that go into determining the premium amount, such as credit score and bonding history. Viking Bond Service is committed to servicing auto dealers of all sizes, across the great state of Maryland. The typical price quoted for Md auto dealer bonds is between 1% and 3% of the required bond amount. Quotes can come in outside that range however depending on the details of the individual application. When you're ready to get the process started, give us a call at 1-888-278-7389 or request a quote online to connect with a Maryland Surety Specialist today.

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