Arkansas Used Car Dealer Bond
AmeriPro Surety Bonds | 844-589-9732
Used Car Dealers – Arkansas
In Arkansas, used car dealers are regulated by the Arkansas State Police. A prerequisite for licensing is that a used car dealership obtain a $25,000 surety bond, which is offered to you by our agency.
What applies here is also applicable to Arkansas auto wholesalers and Arkansas auto auction companies.
Qualifying and the Premium
To qualify for the $25,000 Arkansas used car dealer bond, an applicant will complete an application – which we can take from you over the phone — and be subject to a credit score inquiry.
Applicants will need to have good credit to be approved.
As part o the application process, you will be asked:
- If you have any judgments or lawsuits;
- Whether you have had a bond canceled or denied;
- Whether or not you have any items in collections or any liens.
If you are approved for this bond, the premium for your $25,000 surety bond will be $375. Once approved and paid for, the bond will be mailed to you by the same or the following business day.
Once received, you will need to sign your original surety bond as Principal and have it filed with the Arkansas State Police.
Bond Term or Duration
Your Arkansas used car dealer bond is issued for one year. As stated within Arkansas’ statutes, an active surety bond must always be on file in order to operate as a dealership.
Your used auto dealership surety bond renews on an annual basis.
Purpose of Your Surety Bond Requirement
This bond serves as a financial guarantee of your dealership’s compliance with the Arkansas Code Annotated 23-112-601. In a more general sense, the bond protects the state and any consumers from acts of fraud, theft, or malfeasance caused by a license and bonded used auto dealership.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Arkansas. Our agency also provides surety bonds nationwide.
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