How much does a $50,000 auto dealer bond cost in Virginia?
Motor vehicle dealer bonds can be issued for as low as 1% of the bond amount ($500). These bonds are required by the Virginia Department of Motor Vehicles in order to conduct business in the state. At Suretybonds.com, we use a nationwide network of underwriters to help determine what you’re rate will be.
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|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Motor Vehicle Dealer Bond||$50,000||Starts at $500||$500-2,500||$1,500+||Apply Now|
Call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form now. Our experts can typically provide no-strings-attached surety bond quotes within 1 day of submitting your application.
Why do I need this bond?
Virginia motor vehicle dealer surety bonds ensure that principals (auto dealers) conduct business according to the provisions of Chapter 15, Title 46.2 of the Virginia Code. Specifically, the bond protects any person who suffers financial loss as a result of the principal’s or the principal’s employees’ unethical and unlawful business practices.
Getting bonded is easy when you work with the experts at SuretyBonds.com! Request your free bond quote now!
What’s the fine print?
MVD bonds in Virginia remain in full force and effect until violated by the principal or canceled by the surety. The surety can cancel the bond at any time by giving written notice to the Motor Vehicle Dealer Board 30 days prior to the effective date of termination.
The bond does not automatically expire with the dealer’s license, but instead continues indefinitely from license term to license term.
How to become a motor vehicle dealer in Virginia
To become a licensed auto dealer in Virginia, applicants must:
- satisfy all zoning requirements in the chosen location
- have sales, service and office space devoted exclusively to the dealership of at least 250 square feet in a permanent, enclosed building not used as residence
- maintain all records required by 46.2-1529 of the Code of Virginia
- pay all required fees
- secure a $50,000 surety bond
- pass the required dealer test administered at the local Department of Motor Vehicles, Customer Service Center
- and more
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