Maine Motor Vehicle Dealer Bond Overview
- Purpose: To protect the public from losses resulting from a dealer's wrongdoing
- Who Needs It: All new and used motor vehicle dealers in Maine
- Regulating Body: The Maine Bureau of Motor Vehicles — Dealer and Agent Services
- Bond Amount: $25,000–$100,000 based on the number of vehicles sold
- Minimum Rate: 0.8% of the bond amount
What Is a Maine Motor Vehicle Dealer Bond?
A Maine motor vehicle dealer bond is a financial guarantee that dealers will operate legally. It serves as a safety net for clients and the state if a dealer causes financial harm.
All new and used motor vehicle dealers in Maine, other than equipment and light trailer dealers, need to file a surety bond. The minimum bond coverage is $25,000 and increases up to $100,000 based on vehicles sold per year.
How Much Bond Coverage Do I Need?
Maine adjusts the dealer bond coverage requirements based on the amount of actual or projected car sales per year.
| Vehicle Sales | Surety Bond Coverage |
|---|---|
| 0–50 | $25,000 |
| 51–100 | $50,000 |
| 101–150 | $75,000 |
| 151+ | $100,000 |
If you’re a new licensee, verify your coverage amount with the BMV before purchasing your surety bond.
How Much Do Car Dealer Bonds Cost in Maine?
Maine auto dealer bonds cost 0.8–10% of the total coverage amount. That means qualified applicants often pay just $200 for the minimum $25,000 bond coverage. You can also select a multi-year term and save 25%.
Underwriters will determine your personalized rate based on credit score and other financial factors. Apply for your same-day quote now.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Maine Dealer Bond Work?
A motor vehicle dealer bond creates a financial contract between three parties.
- Principal: The dealer filing the bond
- Obligee: The Maine Bureau of Motor Vehicles — Dealer and Agent Services
- Surety: The issuing surety provider
As the principal, you are responsible for complying with Maine Revised Statute § 901 and all applicable state laws.
How Do I Get a Motor Vehicle Dealer Bond in Maine?
You can apply for your free Maine auto dealer bond quote online now. Select your bond amount based on how many vehicles you sold last year or expect to sell this year if you're a new licensee.
You must provide the following information:
- Dealership name
- Business location city
- Type of vehicles to be sold (used or new)
- Number of vehicles sold last year
- Dealer license number, if available
We’ll provide a quote within one business day or less. Once you sign and pay, we’ll email your official bond documents.
Can I Get Bonded With Bad Credit?
Bad credit may impact your premium rate, but it doesn’t always disqualify you from getting an auto dealer bond. We work with a variety of markets to approve 99% of applicants.
How Do I Renew My Bond?
Your Maine auto dealer bond will expire annually. We’ll send you bond renewal reminders in advance. All you need to do is pay your renewal premium and it will stay active for another term.
