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What is a Motor Vehicle Dealer Bond?
A motor vehicle dealer bond, also known as an auto dealer bond, shows proof that the auto dealer is trustworthy in their prices, services, and treatment of the customer and the vehicle itself. A motor vehicle dealer bond can help with the business’ reputation overall. This bond, as any other bond, is meant to protect both parties. The customer can make a claim on the bond if they feel as though the dealer has acted in an unprofessional manner or the work provided on the vehicle put the customer in danger. The surety will compensate the customer based on the motor vehicle bond the owner has obtained. It is then the responsibility of the auto dealer to pay back the surety for the claim made on the bond. A motor vehicle dealer bond helps the owner of the dealership because it shows proof of responsibility, liability, and trustworthiness to the customers.
Need a motor vehicle dealer bond? Call The Surety Place today!
FAQs about Motor Vehicle Dealer Bonds
Who needs to obtain a motor vehicle dealer bond?Motor vehicle dealers have to abide by local laws and regulations when selling vehicles. A motor vehicle dealer bond provides proof that the owner of the dealership will follow all laws, act ethically with the purchase and selling of any vehicle, and ensure that they are safe for the customers. These bonds are necessary in MOST states and have to be filed with the DMV before an auto dealer license can be obtained.
What are the types of motor vehicle dealer bonds?Depending on the type of motor vehicle dealer your company is, the bond will vary. Listed below are the different motor vehicle dealer bonds that need to be obtained by the owner of the dealership:
Wholesale dealer bonds
Used car dealer bonds
Motorcycle dealer bonds
How do I know if I need a Motor Vehicle Dealer Bond?If you are in the process of opening up a dealership of any kind that sells vehicles to the public, you need to contact your local DMV to find out all dealership legislation and regulations for your state. Most states require that a bond be purchased in order to obtain your automotive dealer license. Obtaining this bond can be difficult, but with The Surety Place's help, we will get you the bond you need!
What are the requirements and cost of this dealer bond?As with all bonds, there are specific requirements that need to be met in order to acquire a motor vehicle dealer bond from your surety company. The cost of the bond will vary on a few different things including the required surety bond amount based on dealership size, your personal financial history and credit score, and whether or not you plan to pay the premium up front.
Contact us today for your bond!
Why Choose The Surety Place?
We are a National Surety and Bonding Account Management Group
The Surety Place, previously known as Surety Placement Services, was founded in 2002 with a goal to bring innovation and a high level of service the industry had not yet seen. As an industry leader from the start, we are a people first surety bond partner that you can trust, offering access to agents and businesses to achieve the right solution at the right time.
A People First Company
We establish a relationship with each of our clients in order to truly understand your specific business focus. As one of the only true specialists within the industry we supply access, partnerships and specialty programs with numerous “A” rated sureties across the nation. We are here to help you service all your motor vehicle dealer bond needs with no appointments or contracts necessary.
Our industry knowledge and expertise coupled with our ever increasing specialty programs give us the unique ability to write your bonds when no one else can.
over 50 years of combined surety experience
Our dedicated account managers are highly trained underwriters who provide our agents and clients a tailored bonding solution for their individual or corporate needs. The bond industry is always changing with new requirements for every bond varying in each state but our team is always up to date with any new changes so that you will never have to worry about the bond you have or the one you may need in the future. In today’s marketplace, surety access can be limited; but with Surety Place as your partner, you’ll find the white-glove service you have been looking for.
No matter the size of the bond or how complicated, Surety Place is built to find an answer. Poor credit, financial hardship, fast growth, or just getting your company off the ground? We have options for you too.
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At The Surety Place, we pride ourselves in our customer service! If you have any questions regarding a bond placement, give us a call.