Arkansas Auto Dealer Bond
AmeriPro Surety Bonds | 844-589-9732
Auto Dealers – Arkansas
The Arkansas Motor Vehicle Commission regulates the activities and licensing of auto dealers who offer new vehicles for sale.
According to Section 23-112-302 of the state’s statutes, Arkansas new car dealers are required to provide evidence of a $50,000 surety bond as a condition of licensing.
Qualifying and the Premium
Qualifying for the $50,000 Arkansas auto dealer bond is by means of a surety bond application — which we’ll begin to take from you over the phone — and a standard credit score inquiry. You will be required to sign the application before it can be underwritten.
With your good credit, you will pay just $500 annually for this bond.
Once the bond has been approved and the premium paid, our agency issues this bond to you immediately. At your request, a copy of the surety bond can be emailed to you; however, it is the original bond – which we will sign as Surety and you will sign as Principal — that you will file with the Commission.
Additional Premium Payment Options
At a $500 premium, the Arkansas auto dealer bond for new auto dealers is issued for a one year term. Thereafter a new premium is paid.
Our agency also offers you the option to prepay your auto dealer bond for up to 3 years. Prepayment of the premium will do two things for you: The first is that it will lengthen the time between renewals; and the second is that you will have a savings over renewing your premium each year.
The premium prepayment options and savings are as follows:
- If prepaid for 2 years, the premium is $900, a $100 savings;
- If prepaid for 3 years, the premium is $1300, a $200 savings.
Purpose of Your Surety Bond Requirement
There are two main purposes to your Arkansas motor vehicle surety bond as outlined by the state’s statutes. These are:
- That you comply with the provisions of the state’s Motor Vehicle Commission Act;
- That anyone can be compensated for loss for acts by a licensee which could result in a suspension or revocation of the auto dealer license.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Arkansas. Our agency also provides surety bonds nationwide.
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