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Colorado Auto Dealer Bond

For those that are looking to conduct business as an auto dealer in the state of Colorado, auto dealer surety bonds are an important part of the licensing process. If you're looking to set up shop in the state, it's best to familiarize yourself with the surety bond process to ensure that you're meeting all the necessary state and local requirements. At Viking Bond Service, Inc., we offer surety bond solutions to auto dealers across the country, and provide resources for those looking to learn about the process.

What is a Colorado Auto Dealer Bond?

The Colorado Motor Vehicle Dealer bond is a License Surety Bond that serves to protect Colorado's citizens by providing a path for recourse in situations where an Auto Dealer does not adhere to the laws, rules, and regulations as set in Colorado state legal statutes. A Colorado Motor Vehicle Dealer bond may be required as part of the Motor Vehicle Dealer licensing and/or dealer vehicle registration process.

In Colorado, the required Motor Vehicle Dealer bond amount is as follows:

  • Colorado, Motor Vehicle Dealer bond requirement - $30,000 Surety Bond

You should always check with the Colorado Motor Vehicle Dealer Board, or requesting agency, for the most current required Colorado Motor Vehicle Dealer bond amount as well as the required bond forms.

To better understand how Colorado motor vehicle dealer bonds work, it's helpful to familiarize yourself with the basics surrounding surety bonds. There are three parties involved in every type of surety bond, which are:

  • The obligee, which is the agency or entity that requires the surety bond. They are called the obligee because there are certain obligations that they demand of the principal. In this case, the obligee is the State of Colorado, requiring a motor vehicle surety bond on behalf of its citizens.
  • Next, the principal is the party that needs to be bonded. They are obligated to follow certain rules and regulations set forth by the obligee. In this case, this is you, the auto dealer looking to set up shop in Colorado.
  • Lastly, the surety serves as the underwriter of the surety bond. In the event that the obligee makes a claim against the principal's surety bond, the surety steps in to determine the validity of the claim and compensates the obligee if the claim is valid. The principal is then responsible for paying back the surety for the dispersed funds.

How to Get an Auto Dealer Bond in Colorado

Viking Bond Service, Inc. writes Colorado Motor Vehicle Dealer bonds. We can assist both clients with good credit, and clients with bad credit. Typically, the worse the credit, the higher the surety bond premium will be. In either case, we always work to get the best quote for you. Viking Bond Service is partnered with markets that welcome Colorado Motor Vehicle Dealer bond applications and provide competitive quotes for them.

Viking Bond Service, Inc. has over thirty years of experience providing surety bond solutions to businesses across the country. If you're ready to get the bond process started, our Surety Bond Experts are happy to help you every step of the way.

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