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What does a Minnesota auto dealer bond cost?
Minnesota auto dealer surety bond costs vary depending on which dealer license type you need. Annual premiums for the $5,000 Boat, Snowmobile, Small Horse Trailer, Motorized Bicycle or Moped Dealer Bond are always $100 for all dealers. Annual premiums for the $50,000 Motor Vehicle Dealer Bond start at $375, and the invoice is provided after a quick application review.
How do you get a Minnesota auto dealer bond?
You can purchase a $5,000 Boat, Snowmobile, Small Horse Trailer, Motorized Bicycle or Moped Dealer Bond online 24/7. Or, you can apply for a $50,000 Motor Vehicle Dealer Bond online 24/7. Simply select which license type you need and provide the following information for Department of Public Safety approval.
- name, including any applicable DBA
- business location address
- dealer license number, if available
Once your order has been processed, a digital auto dealer bond package will be delivered to your email.
How fast can I get a motor vehicle dealer bond?
Our industry-leading technology and responsive customer service team allow us to offer free quotes and deliver official Minnesota motor vehicle dealer bonds faster than any other surety provider. The DVS requires the $50,000 dealer bond be physically issued and shipped to you, so choose overnight shipping during checkout if you're in a rush. Orders placed by 4 PM CST Monday-Friday are typically issued same-day.
If you have questions about the Minnesota dealer bond requirement or your application, call 1(800)308-4358 to speak with a friendly surety expert. We're here to guide you through the dealer bond process so you can get back to running your business.
What is a Minnesota motor vehicle dealer bond?
Minnesota Statutes Section 168.27 requires individuals file a surety bond as part of the state's motor vehicle dealer license application process. The bond obligates licensed dealers to conduct business according to Minnesota statutes and pay all required taxes, license fees, and penalties. The DVS Form PS2446-10 is officially titled the “Motor Vehicle Dealer License Surety Bond," but it's more commonly known as an "auto dealer bond," "motor vehicle dealer bond," or "MVD bond."
Why is a Minnesota motor vehicle dealer bond required?
By filing a Minnesota auto dealer bond, businesses agree to operate according to Minnesota statutes. If they fail to do so, the issuing surety company will pay valid claims up to the full $50,000 bond amount. The bond specifically provides financial protection to the state as well as any seller, purchaser, or transferor of a vehicle in the event the dealership cannot fulfill their professional obligations as required by law.
Please note this page provides information for dealer license bonds. If you're trying to register a vehicle with a missing title, a separate Minnesota certificate of title bond is required.
Who needs a Minnesota auto dealer bond?
The Minnesota Department of Public Safety Driver and Vehicle Services requires individuals purchase a surety bond for a motor vehicle dealer license if they sell or lease 5 or more cars within 12 months. The requirement applies to retail, wholesale, scrap metal, and parts dealers as well as consignment sellers and lessors.
If you have questions about the licensing process or your licensed dealer application, you can call the Dealer Unit at 1(651)201-7800 or email [email protected].
How do I update or change my MVD bond form?
If the Minnesota Department of Public Safety Driver and Vehicle Services requires your surety bond documentation to be updated for any reason, contact your surety provider. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change.
The most common changes requested for these bonds include updating the:
- dealership business name
- business location address
- dealer license number
How do I renew my car dealer bond?
Your Minnesota auto dealer surety bond must be renewed before its current 1-year term expires. Once you pay your SuretyBonds.com renewal invoice, renewal instructions will be emailed to you to keep your bond active for your next license term.
How do you get a dealer's license in Minnesota?
In addition to purchasing, filing, and maintaining a surety bond, you must also provide the following to become a licensed dealer in the state.
- Completed Motor Vehicle Dealer License Application
- Driver's license copy
- Commercial Location Checklist (PS2410)
- Zoning Verification (PS2421)
- Certification of Compliance with Minnesota Worker's Compensation Law (PS2420)
- Demonstration/In-Transit Plate Application (PS2405)
- Franchise Agreement, if applicable, (PS2404)
- Verification of Property Lease (PS2407) or proof of building ownership
- $250 Dealer License Fee or $10 Boat/Snowmobile/Horse-Trailer/Motorized Bicycles Fee