Louisiana MVD bond

May 31, 2016, Louisiana Governor John Bel Edwards signed House Bill 271 in regards to Louisiana motor vehicle dealers.  The changes  include a increase of the $20,000 and $35,000 bond to $50,000 and the removal of the differentiation in number of vehicles sold. The new required amount will take effect on August 1, 2016.




What does the new bond amount mean for you?

The current $20,000 & $35,000 bond requirement is effective until July 31, 2016.  On or after August 1, 2016, any new dealers should purchase the bond in the new amount of $50,000.  If you are already bonded, your current bond amount will be valid until December 31, 2016 but at that time you will need to have an increase rider in place.

Dealers who are needing to renew may find that the renewal rate is higher than previous years even if there has been no change to their credit.  It is important to remember that premiums are a percentage of the total bond amount.



Let Ashton help with your Louisiana MVD bond!

With one simple application, Ashton Agency will shop around for the best rate possible.  Our in-house underwriters are able to look at many personal variables on your application and can offer some of the most competitive rates! We also have programs for challenged credit if you are needing a used car dealer bond.

Ashton Agency offers an experienced insurance department that can help with your garage liability insurance.  We are your one-stop shop for all of your auto dealer needs!

Start saving time and money immediately!  Call us today at (800) 452-2663 to speak with one of our helpful customer service representatives (hablamos español). 

Or visit online:

Website:  https://ashtonagency.com

Facebook: https://www.facebook.com/ashtonagency

Twitter: https://twitter.com/AshtonAgency

Motor Vehicle Dealer Overview

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.

Call (800) 452-2663 / (800) 451-4854 to speak with one of our bond specialist, or visit our website at http://ashtonagency.com.

California Used Motor Vehicle Dealer Bond.  All auto dealers are required to obtain a surety/license bond in the amount of $50,000 for a retail dealer.  A $10,000 bond is required for a motorcycle dealer, motorcycle lessor-retailer, all-terrain vehicle dealer, or wholesale-only dealer (less than 25 vehicles per year).  https://www.dmv.ca.gov/portal/dmv/detail/vehindustry/ol/dealer

Ashton Agency is able to get you a price comparison back in 1-2 business days.  We also have programs specially designed to help get used car dealer bonds for dealers with challenged credit.  Ashton Agency will shop around for the best rate possible with one simple application.  Our in-house underwriters are able to look at many personal variables on your application and can offer some of the lowest rates for multi-year premiums!

In addition to the dealer bond, Ashton Agency can help keep you covered with garage liability insurance.  We also write the California VIN Verifier, Notary, and Registration bond.  We are your one-stop shop for all your auto dealer needs!

Start saving time and money immediately!  Call us today at (800) 452-2663 to speak with one of our helpful customer service representatives (hablamos español). 

You can also visit our website at http://ashtonagency.com

Oklahoma MVD and other bond changes.

Oklahoma used motor vehicle dealers, auctions, non-auction consignments, wholesale dealers, used motor vehicle rebuilders, and manufactured housing dealers will be required by the State of Oklahoma to carry a two year term bond for all licenses expiring 12/31/2015.   Ashton Agency is here to help you with this newly mandated change.  We have updated bond forms ready and have also been informed that the State of Oklahoma will accept a Continuation Certificate for renewal dates extended out to 12/31/17.  We are ready and prepared for this change.

If you have any questions about your upcoming Oklahoma used motor vehicle dealer bond renewal or require any of the other bonds stated above, please reach out to our team at Ashton Agency.

Visit Ashton Agency’s website at www.ashtonagency.com or call (800) 451-4854

2015 is looking to be a great year for motor vehicle dealers.

According to Black Book data, the average price for the average used vehicle for model years 2009-2013 fell 12.1% in 2014.  A much smaller decline than the 12.8% for 2013 and less than Black Book’s prediction of 13.5%.  For the year, domestic trucks finished with the lowest depreciation at 9.1%, while domestic cars topped out at 15.9% depreciation.

“The used-vehicle market finished another solid year,” said Manheim Chief Economist Tom Webb. “Consumers continue to see great value in purchasing used vehicles, even at higher price points. Dealers continue to see used vehicles as an important and profitable part of their business.”

2015 is looking to be an even better year for sales of used cars and trucks.  Before going into the business of selling cars, check with your state for their requirements.  Most states have an extensive list of things you must obtain before you can open your doors to the public.  Things like site approval, business license, dealer courses, insurance and surety bonds are just the basic, but mandatory requirements in most states.

There are many costs with opening a business that are set in stone.  Business license and dealer license are just a couple.  Things like insurance and surety bonds can be shopped to find a competitive price.  Finding the best price for these means you might have to do some extra work to find a company like Ashton Agency.  Ashton Agency does the work for you and gets you the lowest price from multiple markets.  Let Ashton Agency’s 40 plus years of experience help save you time and money.

Please visit Ashton Agency’s website at www.ashtonagency.com or call (800) 451-4854 (East Coast) or (800) 452-2663 (West Coast) to obtain your MVD bond and garage insurance.

Florida Passes Laws on Liens, Registration Fees

On May 3, Florida passed a bill that will result in a drop in vehicle registration fees in an effort to reduce taxes and fees. Auto dealers will have an additional resource to recover vehicles under lien. The Department of Transportation bill added the amendment after Governor Rick Scott signed. The bill would go into effect on October 1st.

The new passage will follow a bill that cuts about $400 million in vehicle registration fees, which will go into effect September 1st.

Scott says that these efforts are part of his "It's Your Money Tax Cut Budget" plan and reduces fees between $5 and $11.50 per registration on cars, trucks, motorcycles, mopeds, and antique vehicles.

This is great news for Florida motor vehicle dealers. Cutting costs will certainly provide more room for expenses. Florida auto dealers should already be renewed for their surety bond. However, Ashton Agency can also help your shop with several options, including garage liability insurance, garage keeper, floorplanning and warranties.

Call the Ashton Agency today to speak with one of our representative at 1 (800) 451-4854 or visit us on our website www.ashtonagency.com. Feel free to fill out our easy-to-use applications for a FREE quote within ONE business day!

Alabama Used Motor Vehicle Dealer Bond Amount To Be Increased

The Alabama legislature has passed a bill that will increase the used car dealer bond requirement from $10,000 to $25,000, effective August 1st, 2014.  The bill also requires new car dealers, dismantlers, and designated agents to provide the same $25,000 bond.  The bill is currently awaiting the signature of the governor.

New car dealers in Alabama have always been required to provide a $25,000 bond.

Additionally, any Alabama car dealer that was previously “grandfathered” or exempt from providing a dealer bond will now be required to provide the $25,000 bond.

Related: Miscellaneous Auto Related Bonds

Once the bill is fully enacted by the governor’s signature, the Department of Revenue will provide the new bond form required.

Since most Alabama used car dealers licenses renew in September, this will affect a majority of the auto dealers, designated agents, and dismantlers when they renew their bond this Fall.

The good news is that Ashton Agency will be ready to serve the dealers in Alabama with the new bond, just as we have for over 45 years.

As soon as the new bond form is released, we will be in touch with dealers so they can renew their bond with the new requirements!

Please call toll free (800) 451-4854, or click www.ashtonagency.com for further information.
[You can find the latest copy of the bill here: http://alisondb.legislature.state.al.us/acas/searchableinstruments/2014rs/PrintFiles/HB400-enr.pdf ]

New Sales Records in the First Quarter of Used Car Market

Both the wholesale and retail used car markets have set new records in the first quarter.

Certified pre-owned sales started with 551,707, marking the highest first quarter ever for certified sales. In March, dealers sold 206,409 certified units, reaching an all-time high.

At the top was Toyota, leading all brands with 31,687 in certified sales. Lexus also set a March record with 6,896 certified units sold.

The next quarter looks very promising for used car dealers. CarMax Auto Finance reports that income increased 6 percent to $80.8 million in the latest quarter.

To read the full article on UsedCarNews.com, click here!

Are you a used car dealer or wholesale auto dealer? Have you obtained or renewed your surety bond? Find out today how we can help save you time and money!

Call us at (800) 451-4854 for our East Coast office in Florida, or (800) 452-2663 for our West Coast office in Oregon and we can help you with your bond over the phone. Or visit our website at http://ashtonagency.com and complete our easy-to-use online application.

Mazda SUVs Recalled for Steering Issues

Over 100,000 model year 2001-04 Tribute Mazda SUVs have been recalled by Mazda North American Operations. Mazda's number for this recall is 7514D.

Usedcarnews.com reports that the SUVs "may experience excessive corrosion at the forward attachment of the lower control arm. A separation of the lower control arm can result in a significant loss of steering control, increasing the risk of a crash."

Mazda will repair and install the new reinforcement parts, free of charge, on the recalled vehicles. Owners are also welcome to bring their vehicles to a dealer before the parts are available to be inspected and deemed whether it's safe to drive.

Related: Used Car Sales To Rise in 2014

Tribute vehicles manufactured from May 22, 2000 to December 19, 2003 were recalled in the following states:

• Connecticut
• Delaware
• Illinois
• Indiana
• Iowa
• Maine
• Maryland
• Massachusetts
• Michigan
• Minnesota
• Missouri
• New Hampshire
• New Jersey
• New York
• Ohio
• Pennsylvania
• Rhode Island
• Vermont
• West Virginia
• Wisconsin
• and the District of Columbia

Read the full article here

For bonding and garage keeper/garage insurance needs, visit our website at http://ashtonagency.com. We can provide you with a free quote within one business day!

Florida Auto Dealer Bonds Expire on April 30th--Get Started On Your Renewal Today!

ATTN: FLORIDA AUTO DEALERS

All Florida motor vehicle dealer bonds have a common expiration date of April 30th! Auto dealers are required to obtain a $25,000 Motor Vehicle Dealer Bond to be in compliance with Section 320.27 of the Florida Statutes.

With the Ashton Agency, we guarantee to shop around for the best rates possible for you. We offer the Florida Auto Dealer Bond as low as $206!

You can also find our press release on FL motor vehicle dealer bonds via 8,500 media outlets! Click here to read our official press release in regards to your auto dealer bond!

In addition to the bond, the State of Florida requires that you carry garage liability insurance. Ashton Agency can write your liability coverage too. We can write your bond for up to three years, with discounts available on the second and third years’ premiums. We are your one-stop shop for all your auto dealer needs!

Start saving time and money immediately and call us today at (800) 451-4854 to speak with one of our helpful customer service representatives (hablamos español). You can also visit our website at http://ashtonagency.com or fax us toll free (888) 507-8661.

Miscellaneous Auto Related Bonds

There are quite a few auto related bonds separate from auto dealership bonds.  These are required bonds by businesses for repairing autos, sales of auto parts, auto dismantlers, auto parts recyclers, designated agents, vehicle inspection businesses, etc.  All of these bonds are regulated by the Department of Motor Vehicles in individual states.

Some of these are akin to what we would call “auto junk yards”, whose businesses provide a valuable service as a secondary market for used auto parts and to do-it-yourself workers who repair autos and can bypass the retail auto parts store and find parts less expensively at a recycler.

Designated Agents, after being certified by their states "licensed and bonded", can handle auto title paperwork for their various states.

Others, such as VIN inspection stations, verify vehicle inspection numbers for possible tampering or theft.

A sample of some actual bonds required are:

• Dismantler and Parts Recycler bond in Alabama
• Auto Repairers/Rebuilders bond in Connecticut, Oklahoma and Utah
• Designated Agent bond in Alabama
• Motor Vehicle Inspection Station bond in Louisiana
• Auto Salvage bond in Florida
• VIN (Vehicle Inspection Number) bond in California and New Mexico.

Check with your individual states’ MVD agency for more state specific information.

If your business has need for any of these miscellaneous bonds, we here at the Ashton Agency can help! We have been selling bonds for over 45 years throughout the country.

Call (800) 451-4854 (East Coast) or (800) 452-2663 (West Coast) for assistance with one of our friendly customer service representatives or visit our website at www.ashtonagency.com for your bond at the best rates!

Weather Causes Fall of Auto Sales for Third Consecutive Month

According to ABC News, General Motors and Ford reported declines in U.S. auto sales as harsh weather conditions reigned over the auto industry. Auto sales have steadily increased over the past four years until this year's rough winter weather--and, earlier in the year, predicted to rise.

Since December 2013, sales have remained stagnant while vehicle inventories continue to increase. Industry analysts do predict a slight rise of about 1 percent for the month, but still slow compared to 8 percent from last year.

GM and Ford predict sales to continue to trend low in February. Volatile winter weather remained in many parts of the nation which kept several people in major metropolitan areas out of dealerships for long periods of time.

It's reasonable to blame the weather conditions for the lack of sales, but executives are looking for solutions to pick up sales. Stock market fluctuations can also play a role in the drop. However, automakers are confident sales will pick up in the next months. All automakers were due to report February sales yesterday, Monday, March 3.

Are you an auto dealer looking to renew your dealers bond? Ashton Agency has helped thousands of auto dealers nationwide to get their auto dealer bond and garage liability insurance at the best rates! Call us today at (800) 451-4854 (East of the Mississippi) or (800) 452-2663 (West) to speak with one of our helpful customer service representatives (hablamos español).