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Wisconsin Auto Dealer Bond

Wisconsin Auto Dealer Bond

The State of Wisconsin requires that those looking to commercially sell motor vehicles need to have an auto dealer bond. These surety bonds are required to ensure that citizens are protected in the event an auto dealer does not adhere to rules, regulations, and laws put forth by Wisconsin state statutes. Since buying a vehicle is one of the most significant purchases citizens make, auto dealer bonds give citizens a path for recovery in the event of a dishonest auto dealing.

Requirements for Wisconsin Auto Dealer Bonds

Surety bond requirements can vary greatly state by state and can change based on state legislation. That's why it's best to check with the Wisconsin Department of Transportation to find out what the current surety bond requirements are. For a reference, let's look at the current surety bond requirements as of this writing:

  • Retail Motor Vehicle Dealer bond requirement – $50,000 Surety Bond
  • Wholesale Motor Vehicle Dealer bond requirement – $25,000 Surety Bond
  • Motorcycle Dealer bond requirement – $5,000 Surety Bond

These bond requirements will usually be addressed as a part of the dealer licensing process. Many small business owners and contractors of all kinds must be capable of meeting state surety bond requirements.

How to Get an Auto Dealer Bond in Wisconsin

Getting a hold of an auto dealer bond in Wisconsin is simple when you call upon the assistance of a qualified surety provider such as Viking Bond Service, Inc. We help auto dealers connect the dots between their business and the local surety bond requirements, with a knowledge of national industry trends and local requirements alike.

To understand how the auto dealer bonding process works, its good to start with the parties involved. First off, the obligee is the party that requires the bond. In this case, it's the state of Wisconsin. They require this bond to ensure that citizens are being treated fairly. The second party involved is the principal, who is the entity that needs to be bonded. In this case, it's the auto dealer seeking licensure. Last, there's the surety, or the party that underwrites the bond. Viking Bond Service is your preferred surety solution, no matter what size bond you need.

How Much do Auto Dealer Bonds Cost in Wisconsin?

Since there is a wide variety of factors that affect premium rates, there is no fixed price for motor vehicle dealer bond premiums in Wisconsin. These factors have to do with the perceived likelihood of a claim being made and involve your credit history and may involve financial strength as well. However, if you have less-than-perfect credit, our poor credit surety bond program can assist you in getting the surety bonding you need. Wisconsin auto dealer surety bond quotes usually come in between 1% and 3% of the requested bond amount. Quote can come in both lower and higher that that range as well depending on the details of the individual applications.

What Sets Viking Bond Service Apart?

Viking Bond Service, Inc. is your go-to solution for Wisconsin motor vehicle dealer bonds. No matter what the size of your business is, our years of experience as an industry leader can help you meet the bonding requirements to have a successful auto dealer business. Reach out to one of our Wisconsin Auto Dealer Bond Experts at 1-888-278-7389 or request a quote online today!

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