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How much does an auto dealer surety bond cost in Mississippi?
All motor vehicle dealers selling NEW cars in the state of Mississippi are required to post a surety bond in the amount of $25,000 which costs $250. If a principal intends to conduct sales at multiple locations throughout the state, there is an existing option to post a blanket bond of $100,000 that covers all locations in one rather than bonding each separate dealership individually. The cost of your Mississippi motor vehicle dealer surety bond for multiple locations depends on your application and financial credentials.
This bond is for dealers selling new vehicles. If you are selling used vehicles, you need a surety bond for designated agent.
What is a Mississippi motor vehicle dealer bond?
Motor vehicle dealer surety bonds are required in the state of Mississippi 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.
Please note this page is for vehicle dealer licensing. If you have lost or need to obtain a vehicle title, a Mississippi certificate of title bond is required.
What’s else do I need to know about Mississippi auto dealer bonds?
MS motor vehicle dealers must remain in compliance with all conditions and provisions stated in the Mississippi Motor Vehicle Commission Law as well as Section 62-21-13 of the Mississippi Code of 1972.
How to become an auto dealer in Mississippi
In addition to posting and maintaining a surety bond, auto dealers in Mississippi must submit an application for dealer tags on a form prescribed by the Commission and pay all mandatory application and filing fees.
A link to the state’s full licensing requirements can be found in the “Additional Resources” section of this page.