Wisconsin Motor Vehicle Dealer Bond |
AmeriPro Surety Bonds | 844-589-9732
Auto Dealers – Wisconsin
Auto dealers in Wisconsin are licensed and regulated by the state’s Department of Transportation.
Besides licensing through the Department, a surety bond is required in an amount to determined by the particular type of dealer licensing held.
Our agency offers surety bonding required for all licensing categories.
The Amount of Surety Bond Required
The breakdown for surety bond amounts required of Wisconsin auto dealers is as follows:
- Motorcycle-only dealers require a $5000 surety bond;
- Wholesale auction dealer licensees require a $25,000 surety bond;
- Wholesale dealer licensees require a $25,000 surety bond;
- Retail dealer licensees require a $50,000 surety bond.
Qualifying for this Surety Bond and the Premium
For all of the surety bond categories, qualification for the Wisconsin motor vehicle dealer bond is accomplished by the completion of a standard surety bond application along with a personal or business credit check.
Our agency can only offer those applicants a surety bond who have good credit, so we are able to tell you what your premium will be:
- A $25,000 surety bond amount will have an annual premium of $375, annually;
- A $50,000 surety bond amount will have an annual premium of $750, annually.
The motor vehicle dealer bond for Wisconsin is typically issued for one year. In some instances, our agency may be able to offer you prepayment of the bond for 2 or 3 years. Doing so allows you to save over year to year renewal of the bond premium.
The Purpose of this Surety Bond
While the surety bond is required of your dealership or wholesale or vehicle auction activities, the purpose of the bond is for the protection of consumers.
As stated on the wording of the bond, its purpose is to protect the “State of Wisconsin for the benefit of any aggrieved person”. The protections afforded the state include wrongful acts committed by an employees, agents, or managers of a licensed vehicle dealership entity.
AmeriPro Surety Bonds is a surety bonds-only agency which provides surety bonds throughout Wisconsin. Such bonds include license and permit, court, and fiduciary bonds. We also provide bonds nationwide.
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