Whether your dealership is a mix of car categories, or exclusively sells new or used automobiles; or, if you are a wholesale dealer, you may be required to obtain a surety bond as a condition of licensing.
According to the Commonwealth of Kentucky Motor Vehicle Commission, the state body which both licenses and regulates dealers, the Commission will inform you if you are required to obtain a surety bond along with the amount.
Before calling our agency, please first have verification from the Commission that you are actually required to obtain a motor vehicle dealer surety bond.
According to the Commission, candidates for the Kentucky motor vehicle dealer bond will be required to obtain a surety bond up to a maximum amount of $100,000. The amount required will be determined by financial statements that you provide to the Commission.
The minimum amount has historically been $15,000.
Qualifying for the surety bond will involve completing a surety application. We can accept much of the application from you over the phone. There will also be a standard credit check review as part of the underwriting process.
The credit check process utilized by our agency is a soft inquiry which will not otherwise affect your credit score.
Subject to a minimum amount of $200, if you are approved for this bond, the amount will be 1%.
Whether you are a new car, used car, wholesale dealer, or any combination of these, the purpose of the Kentucky motor vehicle dealer bond is all the same: The surety bond is a financial guarantee which ensures your compliance with all laws and regulations involved in the sale of motor vehicles.
The bond, while required of you, services as a guarantee for the Kentucky consumer, the state, and the Commission.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Kentucky. Our agency also provides surety bonds nationwide.
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