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.
- Required by: Maine Department of Secretary of State, Bureau of Motor Vehicles
- Minimum Bond Amount: $5,000
- Maximum Bond Amount: $25,000
- Valid: Renewable
The price for the bond, also known as the bond premium, is only a small fraction of the bond amount.
The specific bond amount is determined by how many vehicles are sold annually:
- 1-50 Vehicles = $5,000
- 51-100 Vehicles = $10,000
- 101–150 Vehicles = $15,000
- 151–200 Vehicles = $20,000
- 200 + Vehicles = $25,000
The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
This bond guarantees the principal will abide by all Maine state laws and regulations.
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:
- Surety bond
- License application
- Supporting application documents
- Tax identification number
- Proof of liability coverage
- Criminal background check
- $150 non-refundable application fee
All licensing fees are required by the obligee, not the surety company.
For more licensing information, visit Maine’s official page.