How much will my Hawaii motor vehicle dealer bond cost?
The Motor Vehicle Industry Licensing Board of Hawaii requires all motor vehicle dealers to post a bond prior to engaging in business. Bond amounts are determined by the type of vehicles sold and the amount of vehicles sold.
This specific bonds type is subject to underwriting, meaning that cost is based on the applicant’s qualifications. Highly qualified applicants may be approved for as little as 1-3% of the total bond amount.
|Bond Type||Bond Amount||Cost*|
|$10,000 Motor Vehicle Dealer Bond sells used motorcycles or scooters||$10,000||Starts at $100||GET A QUOTE|
|$25,000 Motor Vehicle Dealer Bond sells less than 60 used vehicles per month||$25,000||Starts at $250||GET A QUOTE|
|$50,000 Motor Vehicle Dealer Bond sells less than 10 new vehicles per month||$50,000||Starts at $500||GET A QUOTE|
|$100,000 Motor Vehicle Dealer Bond sells 60+ used vehicles per month||$100,000||Starts at $1,000||GET A QUOTE|
|$200,000 Motor Vehicle Dealer Bond sells 10+ new vehicles per month||$200,000||Starts at $2,000||GET A QUOTE|
Why do I need this bond?
HI motor dealer bonds exist to protect customers from fraud in connection with the purchasing, negotiating and selling of motor vehicles. By posting a bond, motor vehicle dealers agree to abide by all rules and provisions of Chapter 437 of the Hawaii Revised Statutes.
What’s the fine print?
Bonds may be canceled by the surety if a cancellation notice is submitted in writing to the State of Hawaii and the principal 30 days prior to the given cancellation date.
How to become a motor vehicle dealer in Hawaii
Dealers must be licensed prior to conducting business. Applications must be accompanied by the following documents:
- self-inspection report
- photographs of your buildings display
- rental or lease agreement
- surety bond
- financial statement
- appropriate fees
All licenses are subject to a biennial renewal. Licenses must be renewed by June 30 of even-numbered years.