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Georgia Auto Dealer Bond:

New-vehicle sales topped $1 trillion in 2018 according to the National Auto Dealers Association, making right now a great time to get involved in the industry. However, first you will need to obtain a surety bond and then a license. A Georgia auto dealer bond is a License Surety Bond that serves to protect Georgia'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 Georgia state legal statutes. A Georgia Motor Vehicle Dealer bond may be required as part of the Motor Vehicle Dealer licensing and/or vehicle dealer registration process.

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

  • Georgia, Used Motor Vehicle Dealer bond requirement - $35,000 Surety Bond

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

Viking Bond Service, Inc. writes Georgia Motor Vehicle Dealer bonds. We can assist clients with good credit and also 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, Inc. has partnered with markets that welcome Georgia Motor Vehicle Dealer bond applications and provide competitive quotes for them.

How to Get Your Georgia Auto Dealer Surety Bond

You shouldn't try to get a bond until you understand exactly how they work. All bonds, including Georgia auto dealer surety bonds, are agreements between three parties:

  • You are the principal. It's your responsibility to obtain the bond at whatever amount the law mandates, to keep that bond active, and to pay for any claims made against the bond. If you fail to maintain an active bond, you will lose your license to sell vehicles in Georgia.
  • The Motor Vehicle Division of the Georgia Department of Revenue is the obligee. As the government agency tasked with overseeing state auto dealers, the Motor Vehicle Division "obligates" state dealers to have an active surety bond.
  • The company that issues your bond is the surety. They agree to pay for any valid claims made against the bond, ensuring that the public is compensated when dealers act unlawfully. The surety then collects the total amount paid toward claims from the principal (you), as the principal is the party that has ultimate financial responsibility for the claim.

Once you understand the basics of surety bonds, obtaining a Georgia auto dealer surety bond is relatively easy. First, find a surety company like Viking Bond Service that offers the kind of bond you're looking for. Then submit your application, which asks for basic information about your personal and businesses finances. Underwriters at the surety will evaluate your credit risk and quote you a price for the premium. After it's paid, your bond is active. The final step is submitting official paperwork proving you have a bond from a reputable surety company.

How Does a Georgia Motor Vehicle Surety Bond Affect Your Business?

It's easy to confuse a surety bond agreement with an insurance policy, but they're actually much the opposite. An insurance policy protects you in event of an accident, whereas a Georgia motor vehicle dealer bond protects the public in the event of illegal behavior. Car-buyers who feel they have been wronged by a dealership (for selling a lemon, for example) can file a claim with the state Motor Vehicle Division. If the claim is valid, consumers will be compensated by the bond, up to the $35,000 limit. As the bonded party, however, you're responsible for paying the surety company back. The easy way to avoid this financial setback is to simply follow all applicable state laws.

How Much Will a Georgia Auto Dealer Bond Cost?

The state-required bonds will pay out up to $35,000 for claims, but they actually cost you a small portion of that, typically in the range of 1%-5%. How much you pay is based on your credit history. Higher credit scores typically lead to lower premiums, but lower credit scores rarely lead to disqualification. A quality surety company like Viking Bond Service strives to get all applicants approved regardless of credit. You will only need to pay the premium upfront, once to activate the bond, then again to renew the bond every 12 months. Your credit is reassessed every time you renew, so your payment could go down or up on an annual basis. As long as no one files a claim against the bond, the premium is the only cost.

Starting the Process for a Georgia Auto Dealer Bond

You can't get a motor vehicle dealers license until you get a bond, so don't delay. Viking Bond Service has all the resources you need for your Georgia motor vehicle bond. Our bond application takes just minutes to complete, and you can expect to get a quote back in as little as a few hours from completing the application. We have worked with countless other auto dealers in Georgia, and we can't wait to help you meet all the state's requirements.

Request a Motor Vehicle Dealer Bond Quote:

If you have questions about anything, including the bond requirements in Georgia, feel free to call us at 1-888-278-7389. You are free to apply for a bond whenever it's convenient for you by completing our Online Application. Or complete the contact form on the page and one of our agents will contact you shortly.

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