When you are destined to sell cars, the road ahead requires surety bonds that meet the specifications of the Department of Motor Vehicles (DMV) in the state you’re operating in. Business experts say It can be tricky to obtain a surety bond that properly addresses the particular public requirements in your state. Here are insights to get you on your way.
Of course everyone in business needs a vision and a plan for executing it. Whether you’re hoping to deal in sleek electrics and maybe get in on the “ram revolution”, or leveraging the current high level of consumer demand in the face of the supply chain slowdown, you’ll also need the proper surety bonds. Throughout the country, to become licensed for business “wheeling and dealing,” surety bonds are a pre-requisite. According to TRUiC:
A surety bond is a form of insurance which is designed to protect consumers and the state from fraud.There are several types of bonds you may need, depending on the kind of dealership you want to run. Some general bonds include:
- DMV bonds.
- Used car dealer bonds.
- Wholesale car dealer bonds.
- RV bonds.
- Motorcycle dealer bonds.
As a leading, national direct provider of surety bonds, Colonial Surety is here to help dealers of all kinds of vehicles, in every state in the country. Uniquely, Colonial Surety provides bonds to meet the specific requirements of obligees, including DMV’s across the country. It’s best not to waste time and money getting a “generic” motor vehicle bond—Colonial offers direct, digital bonds, customized to the specifications for licensing in your market. Get started with a free quote, here, now: Motor Vehicle Dealer Bond.
What Exactly Is Motor Vehicle Dealer Bond?
A motor vehicle dealer bond is a type of surety bond. Sometimes referred to as a auto dealer bond or car dealer bond, these bonds ensure that dealerships operate in compliance with all applicable rules and regulations. It is important to obtain surety bonds from a quality, financially secure, and trustworthy company—and to make sure your bond specifically meets the requirements of the “obligee,” such as the DMV in your state. To further understand surety bonds, watch a brief video here.
All car dealers, whether used, pre-owned or new, must be licensed—and securing a surety bond is an important step on the path to licensure. The amount of the bond required depends on the location of the dealer’s business, type of vehicles sold (used or new) and the volume of business. Although surety bonds can be obtained through middlemen, that is likely to increase the amount paid. As a direct, national provider, Colonial Surety offers our lowest possible rate, based on the amount of the bond, straight to motor vehicle dealers across the country. Colonial Surety Company offers the direct and digital way to get bonds—which means no agent, no broker, and no middleman. We make it easy to obtain a bond instantly. The steps are simple—get a quote online, fill out your information, and enter your payment method. E-file your bond from anywhere, even your car. It’s that simple!
Looking to boost your earning potential as you branch into new career paths? Colonial Surety is here to help small businesses and self-starters in every field. Our direct, digital portfolio of 4,000 license and permit bonds makes it easy to obtain the specific, business and professional bonds required in every part of the country. From mortgage broker, to real estate agent, to motor vehicle dealer, collection agent and more—you name it, we most likely have exactly what you need: license and permit bonds here.
As a national surety bond leader, Colonial makes it quick and efficient to obtain license bonds in just a few clicks, online, anytime, from anywhere. Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed. Our customers have awarded us a 4.8 TrustScore—and they especially appreciate our speedy, easy service. You will too—we promise!