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Virginia Motor Vehicle Dealer Bond

The Virginia motor vehicle dealer bond is required of new and used dealerships operating in the Commonwealth. AmeriPro Surety Bonds works to find you the best surety bond rate:      844-589-9732.

Virginia Motor Vehicle Dealer Bond |

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Auto Dealers – Commonwealth of Virginia

 

 

 

New and used auto dealers operating in the Commonwealth of Virginia are required to be tested on auto dealership knowledge and meet other requirements for licensing.

The process involves 7-steps.

Additionally, both new and renewal applicants must provide evidence of a surety bond.

AmeriPro Surety Bonds offers the auto dealer bond as both a new and renewal surety bond.

 

 

 

Virginia Motor Vehicle Dealer Bond: Amount and Cost

 

 

 

The Virginia motor vehicle dealer bond is a $50,000 surety bond required by the state’s Motor Vehicle Dealer Board (MVDB), which regulates auto dealership businesses in the Commonwealth.

Qualifying for this auto dealer surety bond will require:

  • an auto dealer surety bond application, which can be completed with our agent over the phone;
  • a credit check.

As a broad general rule, an applicant with good credit may pay just above 1.25% annually for a Virginia auto dealer bond; however, the amount that any applicant may pay may be up to 5%, as judged by the above criteria.

For some applicants, there may exist an option to prepay this bond for up to 3 years, thereby offering an savings over annual registration.

 

 

 

Its Duration

 

 

 

Once issued, the Virginia motor vehicle dealer bond is active for one year from the date of issuance.

According to the MVDB, the surety bond must be dated within 30 days of your submission of the auto dealership application.

 

 

 

The Purpose of this Bond

 

 

 

The Virginia motor vehicle dealer bond is a financial guarantee, for the MVDB and the people of the Commonwealth, that a licensed and authorized dealer/dealership will be in compliance with all laws regulating the sales of vehicles.

The surety bond protects the public against acts of fraud, theft, or criminal malfeasance and misfeasance on the part of an auto dealership. The protections offered by this bond also include wrongful acts committed by employees, agents, and managers of a bonded auto dealership.

 

 

 

Limitations

 

 

 

According to §46.2-1527.5 of the state’s statutes, the maximum amount of recovery for one claimant against your surety bond is $20,000. This is regardless of the amount of judgment given in a court of law.

The maximum amount of recovery for all is the aggregate total of the bond’s amount, $50,000.

As principal of this surety bond, it is not an insurance policy. You are therefore liable to reimburse the surety for all costs and claims involved in the settlement of any claims, if such were ever the case.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court, and fiduciary surety bonds throughout Virignia.

We also provide surety bonds nationwide.

Please call our agency today at:

 

 

 

844-589-9732

 

 

 

Or, you may fill out the form below and an agent will contact you.

 

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AmeriPro Surety Bonds

Our focus is exclusively surety bonds. We have two areas of concentration: YOU, our customer; and providing you with the surety bond that you need. Whether the bond is an "instant issue"; is for a contractor; a court bond; or one for a client with lower credit scores, AmeriPro Surety Bonds dedicates itself to providing our customers with a seamless, professional, and quick surety bond experience.

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