One of the requirements to obtain a license to sell motor vehicles in the State is a Wisconsin Motor Vehicle Dealer Bond Motor. This is a type of surety bond and is required by the Wisconsin Department of Transportation (WDOT). Individuals may sell up to five of their own vehicles each year without a dealer license. These vehicles must be titled and registered to the individual and had been operated for personal use. If you acquire just one vehicle with the intention of selling it, you must have a Motor Vehicle Dealer License. If you sell or lease vehicles to the general public, you need a retail dealer license. If you sell vehicles to other licensed dealers only, you need a Wholesale dealer license. To obtain the license, one must have a permanent business location—not a residence—with office space, and 12×20-foot display area. A complete list of the other license requirements can be found here.
The amount of the Wisconsin Motor Vehicle Dealer Bond is $50,000 for retail dealers, however it is $5,000 if the dealer is only selling motorcycles. Wholesale dealers must post a $25,000 surety bond. 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 abide by all Wisconsin state rules and regulations along with the laws outlined in Chapter 218 of the Wisconsin Statutes.
The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
How to obtain a Wisconsin Motor Vehicle Dealer Bond
At surety1.com we make it easy to obtain this surety bond. Our simple 3 step process is:
- Complete our easy to navigate and secure online application.
- Review the free, no obligation quote from one of our surety bond professional agents, usually within 1 business day.
- Sign some paperwork and pay the bond premium.
Once these steps have been completed, the Wisconsin Motor Vehicle Dealer Bond will be shipped to the bond principal (licensee). It then must be signed and delivered to WDOT.
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.