Motor vehicle dealers are required to post a Ohio Motor Vehicle Dealer Bond as part of the process to license the dealership. Read our Car Dealer License Guide to learn more about how to get your dealership licensed and bonded.
The State of Ohio requires you to have a net worth of at least $75,000 before you apply for an Ohio dealer license. You are also required to obtain a $25,000 Ohio Motor Vehicle Dealer Bond. The cost of this $25,000 surety bond is based on your credit score and if you have good credit your bond will cost less than $300 a year. If you have challenged credit. The price of a dealer surety bond can increase dramatically. It is very easy to estimate your net worth, just add up everything you own and subtract what you owe. If requested, you must provide documentation, such as a financial disclosure statement, to prove your net worth to the Ohio Bureau of Motor Vehicles. This documentation would only be required upon request.
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:
All licensing fees are required by the obligee, not the surety company.
For more licensing information, visit Ohio’s official page.
At Surety1.com we make it easy to apply for your Ohio Motor Vehicle Dealer Bond. Simply complete our easy to navigate, online application and usually within 1 business day one of our agents will contact you with a firm quote from one of our dozen, “A” rated surety bond markets. If this no-obligation quote is accepted, you will sign some paperwork, make payment (all major credit cards are accepted) and your bond will be delivered to you via traceable mail. Overnight delivery is also available.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Surety1 is the premier, online provider of Ohio surety bonds since 2003.