Arkansas New Vehicle Dealer Surety Bond
Arkansas new motor vehicle or car dealers, franchise dealers that sell autos, recreational vehicles (RV’s), commercial trucks and specialty vehicle, and motor vehicle lessors are required to have a license to operate a dealership.
Surety Bond and License Requirements:
New or intial motor vehicle dealers can apply for a license through the Arkansas Motor Vehicle Commission (also known as the AMVC). Applications can be mailed or delivered to 101 E. Capitol, Suite 204, Little Rock, AR 72201.
Applicants must complete the application and pay the license fee.
Applicants will have to establish a place of business (that is not a residence used as living quarters) and a place to perform service and repair work on the premises.
Provide a copy of the signed Franchise/Dealer agreement and the statement that specifies the market area.
New motor vehicle dealers and motor vehicle lessors will need to obtain the required $50,000 surety bond. New motor vehicle dealers and lessors that have branch locations with used vehicles will need to obtain a $25,000 surety bond.
The application package will also need any salespersons applications including the general manager, sales manager, sales and F&E personnel and any transferred positions.
How Much Will an Arkansas New Motor Vehicle Dealer Bond Cost?
The premium that you pay for an Arkansas New Motor Vehicle Dealer or New Motor Vehicle Lessor Surety Bond is dependent on credit, the number of bonds and bond amount needed, and experience in the motor vehicle dealer industry. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
Related Links:
Arkansas Vehicle Dealer License & Surety Bond PacketArkansas Dealer Procedure Policy
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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