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How much does a Virginia auto dealer bond cost?
A Virginia auto dealer bond may cost as little as 1% of the $50,000 bond amount ($500). However, the exact cost is determined by an underwriter following a review of the applicant’s qualifications. At SuretyBonds.com, we use a nationwide network of underwriters to help determine what your rate will be.
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Call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form now. Our experts can typically provide no-strings-attached surety bond quotes within 1 day of submitting your application.
Why do I need a motor vehicle dealer bond in Virginia?
Motor vehicle dealer bonds are required by the Virginia Department of Motor Vehicles before dealers can get a license to conduct business in the state.
MVD surety bonds ensure that principals (auto dealers) conduct business according to the provisions of Chapter 15, Title 46.2 of the Virginia Code. Specifically, the bond protects any person who suffers financial loss as a result of the principal’s or the principal’s employees’ unethical and unlawful business practices.
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Additional details on Virginia auto dealer bonds
MVD bonds in Virginia remain in full force and effect until violated by the principal or canceled by the surety. The surety can cancel the bond at any time by giving written notice to the Motor Vehicle Dealer Board 30 days prior to the effective date of termination.
The bond does not automatically expire with the dealer’s license, but instead continues indefinitely for as long as the principal pays their renewal premium.
How to become a motor vehicle dealer in Virginia
To become a licensed auto dealer in Virginia, applicants must complete the following requirements:
- Indicate whether they are an Independent Dealer-Operator or a Franchise Dealer-Operator.
- Complete test application form and pass the required exam at the DMV. (Independent dealers must also pass a class).
- Ensure all zoning requirements in the chosen location satisfy Code 46.2-1510. Review How To Become A Dealer In The Commonwealth Of Virginia Dealer Licensing Process and the associated New Dealer Packet for complete details on location requirements.
- Review the Dealer Applicant Letter to guide for full disclosure of fees and additional forms needed.
- Pay all required fees.
- Secure a $50,000 surety bond.