License and Bond Renewal
Florida 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.