In this post you’ll find a general overview of dealer
bonds, also known as MVD bonds & license bonds. For specific information on what
type of bond and documentation you'll need to submit to satisfy the surety bond
requirement of your dealership licensing process, please contact the
appropriate motor vehicle agency in your state.
Auto dealers, used, new, and wholesalers in most states must
file a surety bond with the state’s Department of Motor Vehicles before they
can receive their dealer license. Surety
bonds are designed to protect the customers of the auto dealer. A surety bond will help ensure that your
dealership will follow the rules and regulations in the state where the
dealership is located.
Typically, dealers obtain their motor vehicle dealer bond by
applying with a surety bond company. As
part of the application process the dealer will fill out an application and
agree to a credit check and may have to submit financial documentation, so that
the bond company can be sure they are credit worthy and financially
stable.
Credit challenged clients may have a harder time acquiring a
bond. Some bond companies will not even
help the dealer. At Ashton Agency we are
able to help almost all credit situations.
We have many programs available to help the clients with less than
perfect credit. Ashton Agency has been
helping dealers all across the US get bonded quickly and easily for over 40
years.
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