Florida Motor Vehicle Dealer Bond |
AmeriPro Surety Bonds | 844-589-9732
Florida Motor Vehicle Dealers
Auto dealers in Florida are regulated by the state’s Division of Motor Vehicles.
The $25,000 surety bond required of Florida motor vehicle dealers is specifically mandated by Title XXIII, Chapter 320 of the state’s legal code.
Florida Motor Vehicle Dealer Bond: Purpose of this Bond
The purpose of the $25,000 Florida motor vehicle dealer bond is to act as a financial guarantee that ensures that a motor vehicle dealer will abide by all Florida state and federal rules involved as an auto dealer.
More specifically, and besides being a prerequisite for licensing, the bond protects others from illegal, fraudulent, and other criminal acts which a licensed auto dealer, dealership, or employees may commit in relation to their professional duties.
You may think of this surety bond as a sort of insurance policy that a dealership is required to maintain — but as one which only protects others; it is not insurance for the motor vehicle dealer and affords the buyer no protection.
The Division of Motor Vehicles is also the obligee for this surety bond.
That is, the Department is the entity which requires this bond as a condition for licensing.
Florida Motor Vehicle Dealer Bond: Duration
The Florida motor vehicle dealer bond is active from May 1st, through April 30th.
This surety bond renews on an annual basis.
Florida Motor Vehicle Dealer Bond: The Cost or Premium
The price an applicant will pay for the Florida motor vehicle dealer bond will be determined by the application and credit score.
You may pay as little as just over one percent, or slightly over $250 for this bond; however, the amount any individual will be required to pay will vary.
If your scores are poorer, realistically you may pay substantially more.
In all cases, however, AmeriPro Surety Bonds will work to find the best surety bond pricing.
Becoming an Auto Dealer in Florida
Involved in becoming an auto dealer in Florida are the following:
- Proof of completion of training to be an auto dealer ;
- Completion of the Florida auto dealer application and a $300 application fee;
- Providing the Department with a copy of the lease where vehicles will be sold;
- Completion of fingerprinting from an authorized FDLE service provider;
- Maintaining garage or general liability insurance in the amounts required;
- Providing corporation papers and copies of minutes, if applicable;
- Obtaining the $25,000 Florida motor vehicle dealer surety bond.
Applicants should thoroughly review the state websites for any additional requirements and for possible changes.
About AmeriPro Surety Bonds
AmeriPro Surety Bonds will work for you to quickly obtain your motor vehicle dealer bond.
Our application process is quick and can be completed in a few moments over the phone.
Once purchased, our agency can send you an email copy of the bond; however, it is only the original copy that you are permitted to file with the state.
AmeriPro Surety Bonds is a surety bond-only agency providing license and permit, contractor, and fiduciary bonds throughout Florida.
We also provide surety bonds nationwide.