Arkansas Used Motor Vehicle Dealer Bond
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How much does a used motor vehicle dealer bond cost in Arkansas?
Arkansas used motor vehicle dealer bond costs start at $125 for the state-required 1-year term. Your exact premium will be provided after a quick application underwriting review. Apply now to get your free quote!
How can you get a used motor vehicle dealer bond?
You can apply for your Arkansas auto dealer bond online 24/7 through our safe and secure application portal. You must provide the following information for Arkansas State Police approval.
- dealership name
- dealership physical location
- county
- dealer license number, if available
Once your payment is received, your official Arkansas auto dealer bond documents will be delivered to your email.
How fast can you get an auto dealer surety bond?
Our industry-leading technology and responsive customer service team allow us to offer free quotes and deliver your official Arkansas auto dealer bond faster than any other surety provider. Orders placed by 4 PM CST Monday-Friday are typically processed with same-day emailed auto dealer bond delivery.
If you have any questions about Arkansas auto dealer bonds or your application, call 1(800)308-4358 to speak with one of our friendly surety experts.
What is an Arkansas used motor vehicle dealer bond?
Arkansas Code § 23-112-607 requires individuals who sell 5 or more used vehicles annually to file a $25,000 surety bond for dealer license business registration. The state-required bond form is officially titled the "State of Arkansas Surety Bond Used Motor Vehicle Dealer, Wholesaler, or Auto Auction," but it's more commonly known as the "used motor vehicle dealer bond" or just "auto dealer bond." The state enforces this surety bond requirement to prohibit acts and set penalties for violations committed by dealers and dealerships who fail to comply with regulations as outlined in Arkansas code.
Why is an Arkansas auto dealer bond required?
Arkansas code established this license bond requirement to protect consumers from dealers or dealerships who commit the following acts.
- fraud
- improper impositions
- unfair practices that hinder fair and honest business competition
If a licensed dealer or dealership commits a prohibited act, harmed parties can file a claim against the bond. The surety company will pay valid claims up to the full $25,000 bond amount. The bond form language specifically requires a final judgment from an Arkansas court be provided in favor of an aggrieved party before claims will be paid.
Who regulates licensing for motor vehicle dealers in Arkansas?
The Arkansas State Police enforces licensing requirements for used vehicle dealers. If you have questions about Arkansas dealer license application requirements, call the Used Motor Vehicle Dealer Section at 1(501)618-8600.
Used car dealer bonds are required for dealerships that sell used vehicles. If you sell new vehicles, the state enforces a separate $50,000 Arkansas new motor vehicle dealer license bond requirement.
Do I need a separate bond for each dealership location I own?
Yes, the state requires a separate $25,000 surety bond for each dealership business location. However, if you have multiple locations, the state allows you to provide a $100,000 corporate surety bond to cover all used dealership locations.
How do I update or change my surety bond form?
If the Arkansas State Police requires you update your bond form for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] and explain the needed change.
The most common changes for this bond includes:
- dealership name
- dealership physical location
- county
How do I renew my car dealer bond?
Your used vehicle dealer bond must be renewed before its current term expires to keep your license active with the state. Once you pay your SuretyBonds.com renewal invoice, you'll receive emailed instructions for your Arkansas auto dealer bond renewal.
How do you get a car dealer license in Arkansas?
Learn How To Get An Arkansas Used Motor Vehicle Dealer License by reviewing our comprehensive guide.
You'll have to submit the following information with your Arkansas used motor vehicle dealer license application.
- Physical business location with pictures
- Dealership name and signage with pictures
- Dealership phone number
- Verification you have at least one lockable file cabinet
- $25,000 surety bond for each location
- Garage liability insurance
- $250 application fee
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
