Arkansas Used Motor Vehicle Dealer Surety Bond
Arkansas Used Motor Vehicle Dealers are required to have a license if they sell, attempt to sell, or profit from the sale of five cars or more per year. The license requirement also applies to used auto dealers or car dealers, wholesalers, and auto auctions.
License Requirements:
Dealer applicants can apply for a license through the Arkansas State Police. Applications can be mailed or delivered to the Used Motor Vehicle Department, #1 State Police Plaza Dr., Little Rock, AR 72209.
In addition to the application, the following is required: payment of the license fee, have an established place of business (that is not a residence used as living quarters), have signage that can be seen from the street, obtain a business phone that appears in local phone directories, provide pictures of the business location, locked filing cabinet for records, have liability insurance coverage and obtain a surety bond.
After submitting the application package, the state will send an inspector out to the business to inspect the business location to ensure that it meets the state regulations. Upon approval of the inspection, a license certificate will be issued.
Dealers must display the license certificate for public view.
Surety Bond Requirements:
Used Motor Vehicle Dealers, Wholesaler, or Auto Auction $25,000 surety bond.
If the dealership will have multiple business locations, a $100,000 surety bond will cover all locations instead of separate surety bonds.
How Much Will This Bond Cost?
The premium that you pay for an Arkansas Used Motor Vehicle Dealer Surety Bond is dependent on credit and experience in the motor vehicle dealer industry. Our rates start at 1.25% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote.
Related Links:
Arkansas Used Motor Vehicle Dealer License InformationArkansas Used Motor Vehicle Buyers Protection Regulations
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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