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.
How to Get a North Dakota Motor Vehicle Dealer Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the North Dakota Motor Vehicle Dealer Bond will be shipped to the bond applicant.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
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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Surety Bond
- Required by: North Dakota Department of Transportation
- Minimum Bond Amount: $25, 000
- Maximum Bond Amount: Varies
- Valid: 1 year – Expires December 31st – Renewable
The cost of the surety bond is usually between 1% and 3% of the bond amount.
This bond guarantees the principal will abide by all North Dakota state laws and regulations.
The bond must be renewed before December 31st in order for it to remain valid. This is required by the obligee, not the surety company. Surety1 will send renewal reminders.
The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
Licensing
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
- $100 licensing fee
- $100 inspection fee
- Franchise agreement
- Business location
All licensing fees are required by the obligee, not the surety company.
More than four vehicles must be sold annually in order to keep the license.
License renewals are due annually December 31st.
How to Get Your North Dakota 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.