The Maryland Wholesale Dealer Bond is required by the Administrator of Motor Vehicles, State of Maryland. The bond states that the bondholder shall conduct the business in full compliance with those Sections of the Transportation Article, of the Annotated Code of Maryland, as set forth in the Regulations of the Administrator of Motor Vehicles for the State of Maryland.
What is the purpose of a Maryland Wholesale Dealer Bond?
The bond is one of the requirements of the Maryland Motor Vehicle Administration for those who would like to obtain a business license to establish a new dealership for selling vehicles wholesale. Do take note that wholesale dealers only sell vehicles to other dealers and not to retail customers.
How do you determine the bond amount?
The amount depends on the number of vehicles sold.
- 1-250 – $15,000
- 251-500 – $25,000
- 501-1,000 – $35,000
- 1,001-2,500 – $50,000
- Over 2,500 – $150,000
What are the other requirements that need to be submitted to become a licensed Wholesale Dealer?
- Application for Vehicle Dealer’s License
- Zoning Approval Form
- Power of attorney –
- Proof of Worker’s Compensation coverage
- Criminal background check
- Trader’s license copy
- Business registration letter
- Automotive Repair Facility Contract
- Copy of lease or proof of ownership of your office
- Insurance Information Form
- Addendum Certification to Wholesale Vehicle Dealer’s License application
- Other forms such as Use and Occupancy Permit or Dealer Orientation Request
Where can I get a Maryland Wholesale Dealer Bond?
At Surety1, we make things easy for you. Start the process by completing our easy-to-navigate, free online application form. After that, one of our surety agents will contact you with a no-obligation quote for the bond premium. Once you decide to move forward with us, you just need to pay the bond premium and choose your shipping options. You may choose to have your Maryland Wholesale Dealer bond mailed through USPS Priority Mail or overnight delivery.
Surety1 has been issuing surety bonds in the State of Maryland since 2003. We continue to be rated A+ by the Better Business Bureau for our outstanding service.