South Dakota Auto Dealer Bond
Those looking to conduct business as an auto dealer in South Dakota must have a South Dakota Motor Vehicle Dealer Bond. These surety bonds are an important part of the auto dealer licensing process because they help the state ensure that its citizens are protected if an auto dealer does not adhere to state laws, rules, and regulations as set forth by South Dakota state legal statutes.
By providing a path for recourse for the citizen in the event of financial loss, surety bonds like these provide peace-of-mind for all parties involved.
Requirements for South Dakota Auto Dealer Bonds
In South Dakota, there are various levels of surety bond requirements based on which type of transportation you are looking to sell. Check with the South Dakota Department of Revenue Motor Vehicle Division for the most current bond requirements, but some guidelines are as follows:
- Motor Vehicle Dealer bond requirement - $25,000 Surety Bond
- Used Motor Vehicle Dealer bond requirement - $25,000 Surety Bond
- Mobile/Manufactured Home Dealer bond requirement - $25,000 Surety Bond
- Motorcycle Dealer bond requirement - $5,000 Surety Bond
- Trailer Dealer bond requirement (for trailers weighing 3,000 pounds or more) - $10,000 Surety Bond
- Snowmobile Dealer bond requirement - $5,000 Surety Bond
- Boat Dealer bond requirement - $20,000 Surety Bond
- Final Stage Manufacturer bond requirement - $25,000 Surety Bond
How Much do Auto Dealer Bonds Cost in South Dakota?
The premium on an auto dealer bond can vary based on a multitude of factors. As such, there is no set fee for a motor vehicle dealer bond. Credit score, bonding history, and other aspects of your business may come into consideration to determine the likelihood of a claim being made, which in turn can affect your premium. If you have less-than-perfect credit, don't worry, as we also offer a poor credit surety bond program. No matter what your situation is, Viking Bond Service is committed to providing you with the surety solutions you need at the lowest possible rate. Overall, auto dealer surety bond quotes typically fall within 1% to 5% of the required bond amount depending on the strengths of the individual applications.
How to Get an Auto Dealer Bond in South Dakota
There are three parties involved in the auto dealer bond process: the principal (the aspiring auto dealer), the party that requires the bond (the state of South Dakota), and the surety that underwrites the bond (Viking Bond Service). The surety is responsible for helping resolve any disputes that may come up. The three parties work together to gain confidence in the services offered by the principal.
Obtaining the required surety bond is simple with the help of a qualified provider such as Viking Bond Service. Our years as an industry leader have made us your best choice for all your surety bond needs. We also have a knowledge of the latest local requirements, so you can be sure to get the auto dealer bond amount you need. Simply contact one of our South Dakota Surety Bond Experts at 1-888-278-7389 or request a quote online to start the process.
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.
If you need an Auto Dealer Bond, we can guide you every step of the process. Get all the information you need to move forward.
Need a Bond? Here's how to get one. Read here for information about the bonding process.
Many variables go into figuring Performance Bond premiums. Read about what variables are considered and why premiums can vary so widely.
