New and used car dealers in Connecticut are regulated by the state’s Department of Motor Vehicles.
Car dealers of whatever type (new and/or pre-owned) must submit evidence of a $50,000 surety bond as a condition of licensing. Our agency works with you to provide fair pricing.
Relative to the auto industry, the following businesses must also provide a surety bond.
For Connecticut motor vehicle repairers and leasing auto companies, qualifying for the respective surety bonds is simply by completion of a surety application (which we can take from you over the phone) and payment of the premium. For either of these bonds, there is no credit inquiry. What this means for you is that once the premium has been paid, the bond is immediately issued.
The $5000 Connecticut motor vehicle repairer surety bond will cost you $50 annually; the $10,000 Connecticut auto leaser surety bond will have an annual premium of just $100.
The $50,000 Connecticut auto dealer bond has qualifications which include a credit review, in addition to the standard surety bond application.
Our agency only works with applicants who have good credit. If you are approved for this auto dealer bond, the annual premium will be $750. Once paid, our agency issues the bond immediately and it is typically sent out by the same business day.
The Connecticut auto dealer bond and the other related bonds are active for one year from the date of issuance. Thereafter, the bond is renewed.
With the motor vehicle repairer and the auto leaser surety bonds, options exist to prepay these respective bonds for up to 3 years. Prepayment saves on renewing annually, besides lengthening the time between bond renewals.
As stated within the surety bond wording, the purpose of any motor vehicle dealer or related entity surety bond is to serve as a financial guarantee that you will be in compliance with all respective rules, laws, and any amendments concerning your professional business conduct.
The bond also covers acts and omissions of a licensed Principal during the period in which you are licensed.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Connecticut.
Our agency also provides surety bonds nationwide.
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