If you are a Motor Vehicle Dealer in Rhode Island, you will need a Motor Vehicle Dealer Surety Bond in the amount of $50,000.
Dealer applicants must complete the application and attachments, which can be obtained from the Rhode Island Division of Motor Vehicles Dealer Division, and must pay the license fee.
License requirements include a criminal background check, provide the requested documents including a financial statement prepared by a certified public accountant, copy of lease agreement,a letter of zoning approval, four pictures of the intended dealership, and obtain a surety bond.
Dealerships that will be located in the cities of Central Falls, Cranston, East Providence, Esmond, Exeter, Foster, Johnston, Pawtucket, Providence, Warwick, West Greenwich, or Woonstock are required to obtain a "Second Hand License" to sell used vehicles.
Franchise dealerships must first comply with the Rhode Island General Law, 31-5.1-4.2 and pass the 30 day protest period before submitting an application.
A $50,000 Surety Bond is is required for the following dealer types:
New (Franchise) Auto Dealers
Used Auto Dealers / Second Hand
New & Used Auto Dealers (or car dealer)
The premium that you pay for a Rhode Island Motor Vehicle Dealer Bond is dependent on credit, length of time in the business and the number of business locations.
Our Surety Bond Specialists can give you a free, no-obligation quote for the type of surety bond needed for your business.
Contact our Surety Bond Specialists at:
Hours: 8:00-5:00 CST, Monday through Friday