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The Florida Motor Vehicle Dealer bond is a type of surety bond and is required by Florida’s Department of Highway Safety and Motor Vehicles. The bond has a common renewal date of April 1 and the required bond amount is $25,000. The cost of the surety bond is usually between 1% and 3% of the bond amount. The underwriting is credit based so challenged credit bonds could cost more. It’s free to apply and receive a no obligation quote. Surety1 will shop its many markets to procure the right price at the right terms.
How to Get a Florida Motor Vehicle Dealer bond
At Surety1.com we make it easy to obtain your Florida Motor Vehicle Dealer Bond. Our 3 step process is:
- Complete our easy to use and secure online application.
- Review your free, no obligation quote from one of our professional surety bond agents, usually within 1 business day.
- Sign some paperwork and make payment (all major credit cards accepted).
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.
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Who needs needs this surety bond?
According to the Florida Department of Highway Safety and Motor Vehicles (FLHSMV), you need a license to sell cars in Florida if you:
- Buy, sell, lease, or deal in 3 or more motor vehicles within a 12-month period.
- Display 3 or more motor vehicles for sale or lease within a 12-month period.
- Sell cars as a hobby or side business, even if you don’t meet the above criteria.
If you sell fewer than 3 cars within a 12-month period, you are not required to have a license, but you are still subject to the same laws and regulations as licensed dealers. For example, you must still disclose the odometer reading and any known defects to the buyer.
How do the Motor Vehicle Dealer Licenses Differ?
A Vehicle Franchised dealer sells new motor vehicles under an established agreement. Whereas, the Vehicle Independent dealer buys, sells or deals in used motor vehicles. A $25,000 bond is required for both. The Florida Department of Highway Safety and Motor Vehicles (FLHSMV) Bureau of Dealer Services issues and renews licenses for more than 15,0000 motor vehicle, auction, salvage, wholesale, mobile home, recreational vehicle dealers and manufacturers, distributors and importers each year. Learn more by reading the Car Dealer License Guide.
To Obtain a License to Sell Cars in Florida
- Attend a pre-licensing dealer training course. This course must be approved by the Florida Department of Highway Safety and Motor Vehicles (FLHSMV). The course covers the laws and regulations governing the sale of motor vehicles in Florida.
- Obtain a permanent business location. Your business location must meet specific requirements, such as having a minimum floor space and being located in a commercial area.
- Compile the required documents. These documents include:
- A completed application form
- A copy of your driver’s license
- A copy of your Federal Employer Identification Number (FEIN)
- Obtain proof of liability insurance. The minimum liability insurance coverage required is $25,000 for bodily injury per person, $50,000 for bodily injury per accident, and $10,000 for property damage.
- Obtain your auto dealer bond.
Find additional licensing information at FL Motor Vehicle Dealer Licensing Requirements.
The information provided above is for general informational purposes only and does not constitute legal advice. Do not rely solely on the information presented here as a substitute for professional legal counsel.
How to Get Your Florida Motor Vehicle Dealer Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.