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Virginia Auto Dealer Bond | Virginia Motor Vehicle Bond

Auto dealers looking to conduct business in the state of Virginia will need to obtain an auto dealer bond. If you're looking to set up shop within state lines, it's best to familiarize yourself with some of the basics of these surety bonds so you can ensure you're meeting all the necessary regulations. The surety bond experts at Viking Bond Service, Inc. can help you find out your requirements and provide you with the bond solutions you need.

Virginia Auto Dealer Bond Basics

The Virginia Motor Vehicle Dealer bond is a License Surety Bond that serves to protect Virginia'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 Virginia state legal statutes. A Virginia Motor Vehicle Dealer bond may be required as part of the Motor Vehicle Dealer licensing and/or vehicle registration process.

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

  • Virginia, New/Used Motor Vehicle Dealer bond requirement (Motor Vehicle Dealer Board) – $50,000 Surety Bond
  • Virginia, Motor Home Dealer bond requirement (Department of Motor Vehicles) – $25,000 Surety Bond
  • Virginia, Travel Trailer Dealer bond requirement (Department of Motor Vehicles) – $25,000 Surety Bond
  • Virginia, Trailer Dealer bond requirement (Department of Motor Vehicles) – $25,000 Surety Bond
  • Virginia, Motorcycle Dealer bond requirement (Department of Motor Vehicles) – $25,000 Surety Bond

You should always check with the Virginia Department of Motor Vehicles or the requesting agency for the current bond requirements. They can also provide you information about the necessary bond forms.

How to Get a Auto Dealer Bond in Virginia

Viking Bond Service, Inc. writes Virginia 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 has partnered with markets that welcome Virginia Motor Vehicle Dealer bond applications and provide competitive quotes for them.

To understand how Virginia motor vehicle bonds work, it's helpful to look at the three parties involved.

  • First off, the obligee is the entity, agency or individual that requires the surety bond. In this case, it's the state of Virginia. The state requires these bonds to protect its citizens.
  • Next, the principal is the party that needs to be bonded. For this scenario, the principal is your auto dealer business.
  • Last, the surety is the business that issues the bond. If there is a dispute made against the bond, the surety steps in.

A Surety Bond Company You Can Trust

Viking Bond Service, Inc. has over thirty years of experience providing surety bond solutions to auto dealers all over the country. Whether you're an established auto dealer looking to expand into Virginia or you're just setting up your first car lot, our Surety Bond Experts take pride in providing a superior service. Give us a call at 1-888-278-7389 or request a quote online to get your surety needs covered!

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