How much does an auto dealer bond cost in Virginia?
The Virginia Department of Motor Vehicles requires auto dealers to post $50,000 surety bonds to legally conduct business in the state.
Motor vehicle dealer bonds are subject to underwriting, so the amount you’ll pay depends on a review of your personal credit report. Applicants with strong financial credentials could qualify to pay as low as 1% of the bond amount, or just $500. Don’t let poor credit stop you from getting the bond you need! SuretyBonds.com offers an exclusive bad credit bonding program through which we approve 99% of applicants for the bonds they need quickly, easily and accurately. Request a free bond quote now!
|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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