Maine Motor Vehicle Dealer Bond
AmeriPro Surety Bonds | 844-589-9732
Maine – The Way Life Should Be…
Maine Auto Dealer Licensing
Auto dealerships or auto dealers in Maine are required to purchase a surety bond as a condition of licensing. The surety bond amount is statutorily based on the number of vehicle’s sold in the prior year as per Title 29-A §901.
The breakdown is as follows:
- No prior sales to 50 sales – $25,000 surety bond;
- 51 to 100 vehicles – $50,000 surety;
- 101 to 150 vehicles – $75,000 surety bond;
- 151 and over – $100,000 surety bond.
Qualifying and the Premium
Qualifying for the Maine motor vehicle dealer bond is by completion of an application — which we can begin with you over the phone, but which will require your signature and that of a witness for completing. All in all, the surety bond application is short and simple.
The underwriting process includes a review of your application and a credit inquiry. Our agency — and surety agencies across the board – uses a “soft pull” which will not impact your credit score.
Approval is contingent upon your good credit, and the rate upon approval is 2%.
The premium breakdowns are therefore as follows:
- $25,000 surety bond – $500 annually;
- $50,000 surety bond – $1,000 annually;
- $75,000 surety bond – $1,500 annually;
- $100,000 surety bond – $2,000 annually.
Surety Bond Term
The Maine motor vehicle dealer bond is issued for one year, thereafter the premium will renew. Options exist to prepay your bond for up to 3 years, which will save you over year to year renewals of the bond’s premium.
You may wish to keep in mind, however, that you may require a different surety bond amount from one calendar year to the next as based on the number of vehicle sales.
Therefore, the prepayment option will likely work best for those who know what level their surety bond amount will be from one year to the next, especially if they foresee no changes.
Purpose of Your Surety Bond Requirement
Your Maine auto or motor vehicle dealer bond is a financial guarantee of your compliance with all rules and regulations governing dealerships, particularly in accordance with Title 29-A M, R.S.A. and any amendments thereto.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide auto dealership surety bonds nationwide.
Our agency is also a provider of license and permit surety bonds in all 50 states. Please call us today at:
Or, you may fill out our contact from and our Surety Agent will contact you…