Maryland Auto Dealer Bond |
AmeriPro Surety Bonds | 844-589-9732
Auto Dealer Bond – Maryland
Auto dealers in Maryland are licensed by the state’s Motor Vehicle Administration.
The surety bond requirement of auto dealers depends on:
- the type of vehicle sold (new or used);
- and the number of vehicles sold or which are projected to be sold.
The bond requirement is also applicable to Maryland motor vehicle manufacturers.
Our agency helps you to file the surety bond in whatever amount your dealership requires.
Maryland Auto Dealer Bond: Amount Required
The amount of surety bond you are required to purchase as an auto dealer is categorized as follows:
Maryland new auto dealers, new motorcycle dealers, and new emergency vehicle dealers:
- 1-500 vehicles sold: $50,000 surety bond;
- 501-1000 vehicles sold: $75,000 surety bond;
- 1001-2500 vehicles sold: $100,000 surety bond;
- Over 2500: $300,000 surety bond.
Maryland used auto dealers, wholesale dealers, used motorcycle dealers, and used emergency vehicle dealers:
- 1-250 vehicles sold: $15,000 surety bond;
- 251-500 vehicles sold: $25,000 surety bond;
- 501-1000 vehicles sold: $35,000 surety bond;
- 1001-2500 vehicles sold: $50,000 surety bond;
- Over 2500: $150,000 surety bond.
Trailers dealers who sell boats require a $5,000 bond; if over 15 feet, the bond amount is $15,000.
The breakdown for the Maryland auto manufacturer bond is as follows:
- 1-50 vehicles sold: $25,000 surety bond;
- 51-500 vehicles sold: $50,000 surety bond;
- 501-10,000 vehicles sold: $100,000 surety bond;
- Over 10,000: $300,000 surety bond.
This auto manufacturer bonding amount is also applicable to distributors, factories, second stage manufacturers and branch licenses.
The Premium for Your MD Auto Dealer Bond
The premium for any of these surety bonds is typically 1-2% of the bond’s amount; however, information provided on a surety bond application and the credit score of the applicant or company will be determinant as to surety bond pricing.
Duration of This Surety Bond
The Maryland auto dealer bond is active for one year from the date of issuance.
In some cases, we may be able to present to you the option of prepaying you auto dealer bond for 2 or 3 years. Doing so will offer you a savings over a year to year renewal of the surety bond premium.
The purpose of the Maryland auto dealer bond is a financial guarantee on behalf of the state and any consumers that ensures your compliance with the Transportation Code and any future amendments to this and any other related statutes.
As principal of the auto dealer surety bond, you dealership must indemnify the surety for any claims paid against your bond.
AmeriPro Surety Bonds is a surety bonds only agency which provides bonds throughout Maryland. We also provide other license and permit, fiduciary and court bonds.
Please call our agency today at:
Or, you may fill out the form below and a surety agent will contact you…