The Florida Motor Vehicle Dealer Bond is a requirement of the Florida Department of Highway Safety and Motor Vehicles for all motor vehicle dealers to provide a surety bond in addition to a completed application packet.
If you are to do business in the state of Florida as a motor vehicle dealer, this bond is mandated by the state. This bond carries a statutory renewal date of April 30th and renews annually.
The bond guarantees to the state of Florida that the motor vehicle dealer is in compliance with all of the various obligations mandated by the state. Some of these obligations include:
While chapters 319 and 320 list all the details of compliance, simply put the bond guarantees the dealership is operating in good faith. They are following the rules of the state to protect the consumer.
The required bond amount is $25,000. With rates as low as 1% of the bond amount, Surety1 has the markets required to get you the best price. Keep in mind the state has separate licensing fees of $200 for each primary location, but this is NOT part of the bond cost. Apply now on our website, or call us at 877-654-2327 anytime to speak to a surety professional.