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Minnesota Motor Vehicle Dealer Bond

How much does an auto dealer surety bond cost in Minnesota?

The required amount of Minnesota motor vehicle surety bonds varies depending on the type of vehicles being sold. Boat, snowmobile, small horse trailer, motorized bicycle and moped dealers and dealers of trailers with a manufacturer’s rated carrying capacity of less than 15,000 pounds must post a $5,000 surety bond. All other motor vehicle dealer bonds must be in the amount of $50,000.

The amount you’ll pay for your Minnesota motor vehicle dealer surety bond depends directly on your application and financial credentials.

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Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Motor Vehicle Dealer Bond Boat, snowmobile, small horse trailer, motorized bicycle and moped dealers $5,000 Starts at $100 $250-400 $500+ Apply Now
Motor Vehicle Dealer Bond All other motor vehicle dealers $50,000 Starts at $375 $375-2,000 $2,000+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form. We’ll get you the bond you need quickly, easily and accurately.

Why do I need this bond?

Motor vehicle dealer surety bonds are required by the state of Minnesota to ensure that the principal (vehicle dealer) operates within the confines of the law and pays all taxes, licensing fees and penalties that may be required. By posting this bond, the vehicle dealer also promises not to mislead or deceive customers through false advertising or any other deceptive statements regarding the sale or financing of a vehicle. Failure to maintain this bond could result in the revocation of a dealer’s license.

In Minnesota, vehicle dealers must post surety bonds in order to be licensed, and our specialists here at SuretyBonds.com are dedicated to helping you secure the right bond for your business. Our experts and clear-cut bonding process make getting bonded quick and easy! Fill out a bond request form to get started.

What’s the fine print?

Minnesota vehicle surety bonds are continuous in nature. The surety company must provide the obligee with 30 days’ notice before canceling.

The principal’s signature on the bond form must be witnessed by a licensed notary.

Any dealer who sells trailers designed to transport small construction or farm equipment in any year following a year in which the dealer had less than $500,000 in gross receipts from the sale of such trailers does not need this surety bond. Any dealer who the Minnesota Department of Public Safety determines will have gross receipts of less than $500,000 in the first year of business is also exempt from this bonding requirement.

How to become a motor vehicle dealer in Minnesota

In addition to posting and maintaining a surety bond, motor vehicle dealers in Minnesota must have the following in order to be licensed:

  • motor vehicle liability insurance for all vehicles
  • a commercial building or office space
  • zoning approval for commercial property

A link to the state’s full licensing requirements can be found in the “Important Links” section of this page.

If you’re ready to start the licensing process and get bonded, contact a surety expert now!

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Get a FREE Motor Vehicle Dealer Bond Quote Today!

The Minnesota Office of the Revisor of Statutes 2013 Minnesota Statutes 168.27 Motor Vehicle Dealers; Violations, Penalties

Minnesota Motor Vehicle Dealers License

Minnesota Department of Public Safety Motor Vehicle Dealer License Surety Bond form

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