West Virginia Auto Dealer Bond
AmeriPro Surety Bonds | 844-589-9732
Auto Dealers – West Virginia
Auto dealers in West Virginia are licensed and regulated by the state’s Division of Motor Vehicles. This department provides clear and concise information on what’s required to become a licensed auto dealer.
These prerequisites include obtaining a $25,000 surety bond.
Qualifying and the Premium
Qualifying for the $25,000 West Virginia auto dealer bond includes completing a short surety bond application — which we’ll begin with you over the phone — but which will also require your signature — and undergoing a credit score check.
Our agency — and in fact, all surety bond agencies — uses a “soft pull” inquiry which will not affect your credit score.
Good credit is required, and if you’re approved, the bond will be issued to you for $500 annually.
The review of your application will typically take a few business hours. Once approved, the bond is issued to you immediately after payment of the premium.
From there, your surety bond is mailed to you, and will require your signature as Principal before filing with the Division. A Power of Attorney form will also be included in the mailing. You will file both items.
Premium Payment Options
At $500 premium, the West Virginia motor vehicle dealer bond is active for one year from the date of its issuance. Thereafter, both your surety bond and the premium renew.
You will also be provided with the option to prepay your surety bond for up to 3 years. Prepayment of the premium lengthens the time between renewals and also offers your a monetary savings; these are two advantages to you.
The premium premium option and savings for your WV surety bond are as follows:
- If prepaid for 2 years, the premium is $900, a $100 savings;
- If prepaid for 3 years, the premium is $1300, a $200 savings.
Purpose of Your Surety Bond
As noted within West Virginia’s statutes, Chapter §17A-6-4 (f), the purpose of your surety bond is to serve as a financial guarantee that you will avoid any fraudulent misrepresentation, or cause a financial lost to any purchaser, seller, or financial institution in your professional conduct as an auto dealer.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout West Virigina.
Our agency also provides surety bonds nationwide.
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