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: Oklahoma Used Motor Vehicle and Parts Commission for Used Cars; Oklahoma Motor Vehicle Commission for New Cars
- Minimum Bond Amount: $25,000
- Maximum Bond Amount: Varies
- Valid: 2 year term – Expires December 31st – Renewable
The price for the bond, also known as the bond premium, is only a small fraction of the bond amount.
This bond guarantees the principal will comply with all Oklahoma state laws and regulations.
The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
If this bond is to be cancelled, the obligee must be notified of the cancellation at least 30 days before the cancellation date.
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
- $600 application fee for used cars
- $200 application fee for new cars
All licensing fees are required by the obligee, not the surety company.
For more information on new car licensing, visit Oklahoma’s official page.
For more information on used car licensing, visit Oklahoma’s official page.