The full name of the Colorado Motor Vehicle Dealer Bond is Bond of Motor Vehicle Dealer, Powersports Vehicle Dealer, Used Motor Vehicle Dealer, Used Powersports Vehicle Dealer,
Business Disposal Dealer, Wholesaler, or Wholesale Motor Vehicle Auction-Dealer. It is a type of surety bond and is required to obtain a license to sell motor vehicles in the state of Colorado. Colorado distinguishes between Motor Vehicle Dealers and Power Sport Dealers and require different licenses for selling new or used, and retail or wholesale vehicles.
Obtaining the required surety bond is just one of the requisites to obtain the license. Other requirements include:
The Required surety bond amount is $50,000, Small trailer dealers weighing less than 2000 pounds the surety bond amount is $5,000. This bond guarantees the principal (Motor Vehicle Dealer) will abide by all Colorado state laws and regulations outlined in 12-6-111(1) and 12-6-512(1) of the Colorado Revised Statutes. The bond is continuous until cancelled which means a new bond is not required to renew an existing license.
The cost of the Colorado Motor Vehicle Dealer Bond will be a small percentage (usually around 1%) of the bond amount.
At Surety1.com, we make it easy to obtain this surety bond. our simple three step process is:
After these steps have been completed, the Colorado Motor Vehicle Dealer Bond will be shipped to the principal (Dealer), to be signed prior to submitting the bond tot he Department of Motor Vehicles.
1- The name on the application must be the FULL LEGAL NAME and include a DBA if any.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003 and maintains an A+ rating from the Better Business Bureau.