Motor vehicle dealers are required to post a Motor Vehicle Dealer Bond as part of the process to license the dealership. The amount of the bond depends on what type of vehicles are to be sold, the amount of vehicles you plan to sell, and other factors. Read our Car Dealer License Guide to learn more about how to get your dealership licensed and bonded.
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This bond is not continuous, so it must be renewed before April 30th of each year. This renewal date is required by the obligee, not the surety company.
The bond guarantees the principal will abide by all Florida state laws and regulations along with the laws stated in Chapter 319 and 320 of the Florida Statutes.
To cancel this bond, the Department of Highway Safety and Motor Vehicles must be provided a written notice of cancellation. The cancellation becomes effective 30 days from the date the Department receives the written notice.
The price for the bond, also known as the bond premium, is only a small fraction of the bond amount.
The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
Surety1 is not directly involved with the licensing process, but we’ve compiled this information which may helpful for you.
State licensing fees and requirements:
All license fees are required by the obligee, not the surety company.
Licenses must also be renewed April 30th of each year.
For additional license information, visit Florida’s official page: FL Motor Vehicle Dealer Licensing Requirements
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