Motor vehicle dealers are required to post a Ohio Motor Vehicle Dealer Bond as part of the process to license the dealership. This is a type of surety bond and is required by the Ohio Bureau of Motor Vehicles (BMV). The tile of the required surety bond is MOTOR VEHICLE TITLE DEFECT SURETY BOND. The required bond amount is $25,000, the premium (amount paid) for the bond is a small percentage of the bond amount. The bond is continuous in nature which means it stays active unless cancelled by the surety bond company.
Read our Car Dealer License Guide to learn more about how to get your dealership licensed and bonded.
Surety1 is not directly involved with the licensing process, but we’ve compiled this information which may helpful for you. The State of Ohio requires you to have a net worth of at least $75,000 before you apply for an Ohio dealer license.
State licensing fees and requirements:
- Ohio Motor Vehicle Dealer Bond
- License application
- Supporting application documents
- $50 permit fee
- $150 title defect rescission fund fee
- Business on-site inspection
- Net worth of at least $75,000
All licensing fees are required by the obligee, not the surety company.
For more licensing information, visit Ohio’s official page.
How to obtain a Ohio Motor Vehicle Dealer Bond
At Surety1.com we make it easy to obtain your surety bond. Our simple, 3 step process is as follows:
- 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 Ohio Motor Vehicle Dealer Bond will be shipped to the bond principal (licensee) for the required original signature prior to submitting it to the BMV.
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. We also maintain an A+ rating from the Better Business Bureau.