The protection that a surety bond provides is for your customers and partners, not for your business. It’s meant to safeguard the interests of the general public, other car dealers, and the lenders that provide financing for inventory.
Related FAQs
The California DMV insurance does not require proof of insurance to get or keep your used car dealer license. Even though it is not mandatory, getting insurance can save you quite a lot of trouble in your day-to-day operations.
All states have a specific division created to deal with overseeing the licensed vehicle dealers doing business legally. In states like Arizona, this division is called the Motor Vehicle Department (MVD) and in states like California, dealers will recognize the name Department of Motor Vehicles [...]
This is the #1 most common question we receive even though it's actually a DMV pre-licensing test question. The answer is a little complicated but hopefully, this makes sense. There is a carve-out in the law that allows a $10,000 bond for motorcycle-only retail dealers. [...]
Your Auto Dealer Bond should be active by the time you plan to see your DMV inspector to get licensed. For instance, if you place to the see the inspector on the 3rd Thursday of the month, your bond should be active on that [...]
