Per Statista, over four million new cars were sold in the United States in just the first quarter of 2018. With the economy booming, people are looking to capitalize and purchase new vehicles. Hence, launching your very own car dealership company can be a sound investment for an aspiring business owner. But how exactly do you open a new car dealership?
To commence your entrepreneurial journey, there are a few obvious steps you must take. These include creating a solid business plan, looking into potential locations for your car dealership, seeing if existing dealerships are for sale, and much more. Click here to view all requirements necessary for opening a new car dealership. However, there is one requirement you probably are not familiar with: the new car dealership surety bond requirement. Most states require new dealers to obtain and file a surety bond, also known as an auto dealer bond or motor vehicle dealer bond, in order to do business within the state. The bond functions as a guarantee that you, as a car dealer, will follow all applicable rules and regulations related to opening a car dealership in that state.
Obtain Auto Dealer Bonds Online
Colonial Surety offers a simple and direct way to secure a new car dealership motor vehicle surety bond. To get this bond, simply visit our website, get a quote, fill in your information, and enter in your payment method. Contact us to learn more about surety bonds.