Oklahoma used and wholesale motor vehicle dealer licenses are now being issued for a period of 2 years, to be renewed on December 31 of each odd numbered year. Previously licenses had to be renewed annually. The new licensing period also affects the industry’s surety bond requirement.
Used and wholesale motor vehicle dealers are required to post a $25,000 surety bond in order to become licensed. Like the previous licenses, the bond expired annually. Like the new licenses, the bond now expires on December 31 of each odd numbered year. The amount of the bond will remain the same, but premiums will be higher because the new bond provides 2 year coverage. Typically, the price will be double the premium of the 1 year bond.
However, premiums vary based on a number of factors, including the applicant’s credit history and business experience, among other factors. To get an accurate quote for your used or wholesale motor vehicle dealer bond, contact a reputable surety provider. The experts at SuretyBonds.com can get you a quote fast and answer any questions you might have about the cost of your bond.
You can also contact the Oklahoma Used Motor Vehicle and Parts Commission for more information on the licensing changes and to access the new applications and bond forms. There you can also find the rules and regulations governing used and wholesale motor vehicle dealers in the state.
New motor vehicle dealers in Oklahoma are not affected by the change and should contact the Oklahoma Motor Vehicle Commission with any questions.
Photo Courtesy Paul Sableman (CC BY 2.0)