Nevada Motor Vehicle Dealer Bond
AmeriPro Surety Bonds | 844-8589-9732
Nevada Motor Vehicle Dealers
Motor Vehicle dealers in Nevada are regulated by the state’s Occupational and Business Licensing Division.
Whether you are a returnee or a first time licensee for a Nevada motor vehicle dealer license, you are required to obtain a surety bond.
The amount of the surety bond you are required will depend on the nature of your business activities.
AmeriPro Surety Bonds provides you the motor vehicle dealer bond required in any amount required.
Nevada Motor Vehicle Dealer Bond: How Much Bond You Require
The surety bond requirement for Nevada motor vehicle dealers comes in three separate amounts:
- Nevada auto dealers are required to obtain a $100,000 Nevada auto dealer bond;
- Nevada motorcycle dealers are required to obtain a $50,000 Nevada motorcycle dealer bond;
- Nevada dealers whose business involves the sales of boat trailers with an unladen weight of 3,500 lbs or less are required to obtain a $10,000 Nevada utility motor vehicle dealer bond.
Nevada Motor Vehicle Dealer Bond: The Purpose
Regardless of which bond amount you require, the purpose of each is the same.
A Nevada motor vehicle dealer bond is a financial guarantee that licensed motor dealers in the state will abide by all state and federal rules in the conduct of their business activities.
The bond protects others, the people of the great state of Nevada – but not your dealership – from acts of fraud, theft, criminal misconduct and malfeasance committed by a dealership, its owners, agents, managers, or employees in the course of their vocational conduct.
As such, the motor vehicle bond is not an insurance policy for you, but a guarantee for your customers.
Since it is not insurance, but a surety, should a claim be paid against your policy, you as principal, are legally liable to reimburse the surety for all costs and fees involved in the resolution of your claim.
With that in mind, your surety bond should never be viewed as an insurance policy.
Far from it. But it is a requirement for licensing by Nevada.
Nevada Motor Vehicle Dealer Bond: The Premium
The premium required will be determined by the following:
- The amount of surety bond you require;
- Information provided to our agency on your surety bond application;
- And the greatest factor is your credit score.
The bond premium may be as low as 1.5%; however, the amount you will be required to pay will be determined by the above criteria.
In cases higher dollar surety bond amounts (i.e. $50,000 and $100,000 amounts), if the premium required is substantial due to poorer credit, we may be able to offer premium financing.
Duration of Your Surety Bond
The Nevada motor vehicle dealer bond is not a onetime payment. The bond is issued for a period of one year, renews annually, and as a perpetual condition of licensing, must be kept active and on file with the Occupational Licensing Division.
Our surety will issue you a reminder well before your renewal date.
AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety-bonds only agency.
We provide license and permit, contractor, court, and fiduciary bonds throughout Nevada.
Our agency also provides surety bonds nationwide.
We welcome the opportunity to work on your behalf and we thank you for choosing our agency.
Please call our agency today, email us, or fill out the contact form below.