Nebraska Motor Vehicle Dealer Bond Renewals

Auto Dealer BondWant a Better Rate? Here’s What To Do

It’s time for Nebraska Motor Vehicle Dealers to start renewing their licenses and surety bonds for 2018. Licenses are good through a calendar year which means they expire on December 31 unless renewed.

Dealers for motor vehicles, trailers and motorcycles must have a $50,000 surety bond in place before their license can be renewed. Motor vehicle auction dealers must obtain a $100,000 surety bond. The surety bond must be turned in with the application and filed with the Nebraska Secretary of State – Corporate Division. The original bond with original signatures and notary must be submitted with the application.

Individual owners must have their bond issued in their name, along with “dba” (doing business as) and the name of dealership.

Partnerships must have their bond issued as names of partners, along with “dba” and the name of dealership.

For corporate-owned dealerships or LLC owned dealerships:

  • If the name of the corporation already reflects auto/trailer/motorcycle sales, then the bond is issued as the corporation name.
  • If the name of the corporation does not reflect auto/trailer/motorcycle sales, then the bond is issued to the corporation or LLC with “dba” plus the name of the dealership. The dba must reflect the type of vehicle the dealership sells.

Before renewing your bond for 2018, check your bond rate to ensure you are getting the best value possible.  SuretyGroup.com offers free, no-obligation quotes to help you save money.

We are licensed to write all Motor Vehicle Dealer surety bonds in Nebraska, including surety bonds for new and used vehicle dealers, motorcycle dealers, trailer or mobile home dealers, and auction dealers.

To get your free quote, contact our Surety Bond Specialists at 1‑844‑432‑6637, or email info@suretygroup.com and we’ll shop your bond for a better rate, at no obligation to you.

 

SuretyGroup.com – Your Online Bond Provider.

Great Rates. Solid Advice. Quick Solutions.

Surety Bond Amounts Rise for Illinois Vehicle Dealers

Motor Vehicle Dealer

Check Your Rate Before Renewing

If you live in Illinois and sell five motor vehicles or more in a year, then you must be licensed as a Designated Agent. A part of licensing a motor vehicle dealership in Illinois includes obtaining a surety bond.

Surety bond amounts in Illinois have recently risen from $20,000 to $50,000 for each location.  New car dealers are exempt from the bond requirement after three years.

Premiums continue to last for a one-year term and expire on December 31 of each year. The premium amount a dealership pays depends on business and personal financials and credit.

Now is the time to check your surety bond rates before renewing for 2018. SuretyGroup.com is ready to help you save money with a free, no-obligation quote.  We are licensed to write all Motor Vehicle Dealer surety bonds in Illinois, including surety bonds for new and used vehicle dealers, motorcycle dealers, and trailer or mobile home dealers.

To get your free quote, contact our Surety Bond Specialists at 1‑844‑432‑6637, or email info@suretygroup.com and we’ll shop your bond for a better rate, at no obligation to you.

 

SuretyGroup.com – Your Online Bond Provider.

Great Rates. Solid Advice. Quick Solutions.

Georgia Used Motor Vehicle Parts Dealer Bonds

Auto Dismantler Bond

2017 is an odd year.

That means that Used Motor Vehicle Parts Dealers in Georgia need to renew their licenses by December 31, 2017. Licenses expire every two years during odd-numbered years.

It is illegal to do business as a Used Motor Vehicle Parts Dealer or Auto Dismantler in Georgia without registering and obtaining a license. This includes Georgia Used Parts Dealers, Rebuilders and Salvage Dealers.

When applying for an initial license, the following must be provided:

  • Original $10,000 surety bond in the exact name of the business, and must be signed
  • Power of Attorney form
  • Original Certificate of Insurance
  • Photos of place of business
  • Fees
  • NMVTIS Identification number
  • Sales Tax Number
  • Fingerprint Process – must register to have fingerprints taken for a criminal background check
  • Check with local authorities to ensure that your place of business meets all local zoning and related laws

A $10,000 surety bond must be submitted when renewing a license.

SuretyGroup.com writes all Georgia surety bonds, including Used Motor Vehicle Parts Dealer Bonds. Before you apply for your license or renew an existing license call our surety bond specialists for a free, no-obligation quote. We offer low rates and fast service to help you stay compliant with Georgia’s laws. Call us today at 1‑844‑432‑6637, email info@suretygroup.com, or apply online.

 

SuretyGroup.com – Your Online Bond Provider.

Great Rates. Solid Advice. Quick Solutions.

Legislation Affects Oregon Vehicle Dealers

Auto Dealer Bond

New Year, New Laws

The New Year will bring in new laws for Oregon vehicle dealers. Starting on January 1, 2018, dealers will need to increase their surety bond amounts.

This is because Oregon state bill 974 takes effect as the calendar turns, increasing surety bond amounts for vehicle dealers from $40,000 to $50,000.  Dealers for motorcycles, mopeds, Class I all-terrain vehicles and snowmobiles have their bond amounts raised from $2,000 to $10,000.

If a dealer is already certified to exclusively sell motorcycles, mopeds, Class I all-terrain vehicles or snowmobiles, or any combination of those, then the bond amount is $10,000.  However, starting January 1, 2018, the Department of Transportation will no longer issue these exclusive certifications to new dealers. These applicants will need to apply for the same motor vehicle dealer certification as other vehicle dealers.

The surety bond renews annually, and a letter of credit can be used in lieu of a bond.

Oregon applicants for the vehicle dealer certification must meet these requirements:

  • Complete the application for a dealer certificate
  • Provide a Surety Bond or letter of credit
  • Provide a Certificate of insurance
  • Pay the fees required
  • Complete precertification education and test requirements if the person is a dealer subject to the education and test requirements.

A surety bond ensures that dealers conduct their business without fraud or fraudulent representation, and without violating any provisions of the vehicle code.

If you are a vehicle dealer in Oregon and need a surety bond, call SuretyGroup.com for a free, no-obligation quote. We offer low rates and quick bond delivery.  Email info@suretygroup.com, apply online or call our Surety Bond Specialists today at 1‑844‑432‑6637.

 

SuretyGroup.com – Your Online Bond Provider.

Great Rates. Solid Advice. Quick Solutions.

 

 

Don’t Let Your Florida Dealer License Expire

License and Bond Renewal

Motor Vehicle DealerFlorida Motor Vehicle Dealers are required by the Florida Department of Highway Safety and Motor Vehicles to renew their license and bond. This includes new or franchised motor vehicle dealers, used or independent motor vehicle dealers (also known as car dealers or auto dealers), wholesale motor vehicle dealers, or motor vehicle auctions, mobile home dealers and brokers, recreational vehicle dealers, and salvage dealers.

Dealers have the choice of renewing annually or biennially (every two years).   Franchise dealers must renew their licenses by December 31.  Independent dealers, wholesale dealers, auction dealers, and salvage dealers must renew their licenses by April 30.  Mobile home dealers and recreational vehicle dealers must renew their licenses by September 30.

Dealers will need to complete the renewal application found at flhsmv.gov.  The renewal application is to be used only if there were not any changes since the last year.

Dealers will also need to renew their $25,000 surety bond and obtain the continuation certificate from the surety.  Mobile home dealers with more than four locations need to have a $50,000 bond.  Recreational vehicle dealers are required to only have a $10,000 bond or $20,000 bond if having more than four dealership locations.  For dealers who previously provided an irrevocable letter of credit, a new letter will need to be submitted to the state.

If any owner or officer has been convicted of a felony since the last renewal this information will need to be reported to the Division of Motorist Services.  A copy of the charging documents and disposition documents will need to be provided to the state.  The state will assess as to whether or not your license can be renewed.

Franchise dealers, recreational vehicle dealers and mobile home dealers must maintain garage liability insurance at all times.  The minimum coverage is $25,000 combined single limited liability that includes bodily injury and property damage protection and $10,000 personal injury protection.  Independent dealers, auction dealers, and wholesale dealers have the option of either garage liability coverage or maintaining a general liability policy coupled with a business automobile policy with a minimum $25,00 combined single limit liability coverage (bodily injury and property damage) and $10,000 personal injury protection.  (Salvage dealers are not required to have liability insurance.)

Dealerships will need to obtain a current registration certification from the Florida Division of Corporation.  The certification is the registered business and fictitious name(s) used by your company.  The certification can be obtained from sunbiz.org. The certification is only required for renewal of your main dealership and is not required if there were any supplemental locations.

The completed renewal application, the original bond or continuation certificate, a copy of your most current garage liability insurance policy and a copy of your certification will need to be submitted to the regional office responsible for your dealership along with the renewal license fee made payable to DHSMV.

SuretyGroup.com – Your Online Bond Provider.

Great Rates. Solid Advice. Quick Solutions.

Florida Motor Vehicle Dealer Bonds

Licensing Periods for Florida’s Six Dealer Classes

A man gives a "thumbs-up" gesture after buying a new car.

If you are selling motor vehicles in Florida, chances are you need to be licensed. Dealing three or more motor vehicles in a 12-month period is considered to be a business. A part of doing business in Florida involves obtaining either a surety bond or a letter of credit before a license can be issued. This ensures that motor vehicle dealers conduct business ethically and comply with state laws.

Florida has six classes of Motor Vehicle Dealer Licenses with a bond amount of $25,000:

Independent Dealer licenses are for those selling used cars only, at retail or wholesale. The license period is from May 1 – April 30.

Franchise Dealers licenses are for new car sales from the manufacturer, and the license also allows for used car sales. The license period is from Jan. 1 – Dec. 31.

Service Facility licenses are for those who do maintenance and repair on vehicles. The license period is from Jan. 1 – Dec. 31.

Wholesale Dealer licensees may only buy from, sell to and deal at wholesale with other licensed dealers. The license period is from May 1 – April 30.

Auction licensees deal with the auction bid process for licensed dealers. The license period is from May 1 – April 30.

Salvage licensees deal with salvaged or wrecked vehicles. The license period is from May 1 – April 30.

 

Surety Bonds are also required for other businesses in the motor vehicle industry:

Mobile Home Dealers:  A license is required for anyone that deals in one or more new mobile homes in a 12-month period. A surety bond of $25,000 is required, and the license period runs from Oct. 1 – Sept. 30.

Mobile Home Brokers: A licensee may only sell used mobile homes at retail or wholesale. A $25,000 surety bond is required.

Mobile Home Installers must be bonded for $5,000, and Mobile Home Manufacturers are required to have a $50,000 bond.

Recreational Vehicle Dealers: Licensees deal in one or more recreational vehicles during a 12-month period. There are two classes of licenses. Both require a $10,000 bond and expire on Sept. 30.

New Recreational Vehicle Dealer – can sell new and used vehicles.

Used Recreational Vehicle Dealer – can only sell used recreational vehicles.

Recreational Vehicle Manufacturer, Distributor, Importer or Van Converter licensees must be bonded for $10,000.

 

Bond premiums depend on various factors including the bond amount, the dealer’s financial strength, experience in the industry and stability in the market.

 

How to Get Bonded

If you are a motor vehicle dealer in Florida and you need a surety bond, SuretyGroup.com can help. Our Surety Bond Specialists can give you a free, no-obligation quote and walk you through the bonding process.

Contact our Surety Bond Specialists to get started. Call 1‑844‑432‑6637 or email info@suretygroup.com.

 

SuretyGroup.com – Your Online Bond Provider.

Great Rates. Solid Advice. Quick Solutions.

Alabama, Georgia Auto Dismantler Bond Renewals

Auto Dismantler BondTake A Guess … What Is The #1 Recycled Product In The US?

Typical guesses might include aluminum, paper products, plastics or glass. But one material is recycled more than all those combined … steel.

Around 14 million motor vehicles are taken off the roads every year in the US, resulting in about 14 million tons of steel being recycled. This makes motor vehicles the most recycled consumer product in the US.

Vehicles can get totaled in accidents, natural disasters or just driven for years until they can’t go another mile. But that doesn’t mean their lives are done just yet. They could end up in a salvage yard, where an Auto Dismantler recycles as much as possible.

Re-usable parts are extracted and sold. Toxic chemicals like Freon, asbestos, mercury, oil and antifreeze are safely removed. Most of what is left is recyclable steel.

It’s a win-win situation. The public has access to inexpensive used car parts, which can be 70% cheaper than buying new. The environment benefits because recycling steel uses around 75% less energy than producing new steel, and the vehicles don’t end up in landfills. And the economy benefits when Auto Dismantler businesses create jobs.

Because Auto Dismantlers have access to items such as car titles, license plates and toxic chemicals, some states want to make sure all their laws and regulations are followed. They require a Surety Bond for Auto Dismantlers.  The bond guarantees that Auto Dismantlers conduct business ethically and lawfully.

In Alabama, Dismantlers need a “Bond of Automotive Dismantler and Parts Recycler.” This bond must be renewed on Oct. 1 of every year.

Bonds for Georgia Auto Dismantlers are 2-year bonds that renew on Dec. 31 of odd-numbered years. The bond covers Rebuilders, Salvage Dealers, Dismantlers and Used Motor Vehicle Parts Dealers.

If you are an Auto Dismantler and your state requires a surety bond, you must purchase it from a Surety through a licensed agent, such as SuretyGroup.com.

SuretyGroup.com‘s Surety Bond Specialists can often give you same-day approval that makes the process quick and easy.

Have questions? SuretyGroup.com can help. Give us a call at 1-844-432-6637 and our Surety Bond Specialists can walk you through the bonding process.

 

SuretyGroup.com – Your Online Bond Provider.

Great Rates. Solid Advice. Quick Solutions.

What’s the Deal with Auto Dealer Bonds?

A motor vehicle dealer hands car keys to new car buyers.

Why do you need an Auto Dealer Bond?

In most states, if you want to renew your license or become a newly licensed auto dealer, you are legally required to file an Auto Dealer Surety BondAlso called a Motor Vehicle Dealer Bond, your state’s Department of Motor Vehicles (DMV) is generally the “obligee” or the party requiring the bond.  An Auto Dealer Surety Bond means that a surety specialist (such as SuretyGroup.com) reviews your dealership’s financial and character qualifications. After the review, they may certify your dealership for bonding.

Why would you want an Auto Dealer Bond?

This type of surety bond offers you more than just compliance with government rules.  A Dealer Bond can be a competitive advantage. It shows that your dealership is financially viable and committed to ethical business practices. Think of your Auto Dealer Bond as a guarantee that you offer your customers – an assurance to them that you have taken steps to protect them against fraud. If a transaction does involve fraud or other actions that harm a consumer, the bonding surety company will seek to positively resolve the situation.  This is another beneficial reason for customers to work with you. In turn, this may help you attract new and repeat customers – a WIN-WIN for everyone!

How do you secure your Auto Dealer Surety Bond? Will the process be confusing or daunting?

Absolutely not. SuretyGroup.com is here to help you each step of the way, assisting to secure your bond as quickly and easily as possible.

You start by submitting your Auto Dealer Bond application. During this process, we will ask you to provide financial information and submit to a credit check. As a surety company, we must do this to ensure you are responsible and trustworthy, able to pay your debts on time, and are a sound dealership qualified for bonding.

But what if your credit score isn’t golden – will we deny your surety bond?

Not necessarily. It may make securing your bond more difficult, but SuretyGroup.com has special programs to help applicants with low credit scores. We’ll be happy to assist you in this way.

SuretyGroup.com
has been underwriting surety bonds throughout the U.S. for more than 35 years – and we write more Auto Dealer bonds than any other type of bond. When you work with us, you will have confidence in our team of highly experienced surety professionals with in-house underwriting authority. This allows you to receive low rates, quick approvals, and fast bond delivery; in most cases, we send your bond within 24 hours after application submission. If you have any questions, please call our surety professionals today at 1‑844‑432‑6637 or email info@suretygroup.com.

 

SuretyGroup.com – Your Online Bond Provider. Great Rates. Solid Advice. Quick Solutions.