You’ll need a separate car dealer bond for each state you want to operate in. Each state has different requirements for licensing and bonding, so you will have to oblige with the respective state regulations and get a separate bond for every state. [...]
An auto dealer bond works as an extra level of protection for car buyers across the U.S. It’s a safe financial mechanism that guarantees you will follow the law in your work as a car dealer. The bond is required by the authorities that [...]
All types of dealers may need an auto dealer surety bond, depending on the licensing requirements of state or local authorities. This means you are likely to need a bond if you fit into any of the following categories of dealers: New car dealers [...]
The cost of your car dealer surety bond is determined by how strong your personal and business finances are. Your personal credit score has the biggest impact on the price. Your surety bond cost is a percentage of the bond amount you’re required to obtain [...]
The bond provides protection to your customers in a range of situations. The most common cases when the bond coverage can be activated include: Breach of warranties Fraudulent financing schemes Title transference issues Misleading information about sold vehicles Interference with odometer readings Non-payment of sales [...]
Here’s how to obtain your dealer bond in a few easy steps: Complete our 5-minute application process online Receive a quick quote from YCDB in less than eight business hours Buy your bond with no hassle
The licensing process for dealers across the country varies because it’s set by different licensing authorities on the state or local level. You’ll typically have to provide a set of documents, including: Business entity registration documents Training or examination proof Tax and/or IRS registration [...]