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How much does a Virginia motor dealer bond cost?
Virginia motor vehicle dealer bond costs start at $500 for the state-required 1-year term. Your exact vehicle dealer bond premium will be provided after a quick application review. Apply now to get your free, personal quote!
How do you get a Virginia auto dealer bond?
You can apply for your Virginia motor dealer bond online 24/7. You'll need to provide the following information for Motor Vehicle Dealer Board approval.
- dealer or dealership name
- business location address
- type of vehicles sold (new or used)
- dealer license number, if available
Once your order has been processed, you'll receive a copy of your bond by email, and your official bond paperwork will be shipped to your preferred mailing address.
How fast can I get an auto dealer bond in Virginia?
Our industry-leading technology and responsive customer service team allow us to offer free quotes and deliver your official Virginia auto dealer bond faster than any other surety provider. The Motor Vehicle Dealer Board requires your official Virginia auto 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 shipped same-day.
If you have questions about the Virginia auto dealer bond or your application, call 1(800)308-4358 to speak with a friendly surety expert. We're here to guide you through the car dealer bond process so you can get back to running your business.
What is a Virginia motor vehicle dealer bond?
Virginia code 46.2-1510 requires individuals file a $50,000 surety bond before being approved for a dealer license in the state. The state's form MVDB 2 is officially titled the “Motor Vehicle Dealer Bond,” but it's also known as the “auto dealer bond.” This bond specifically prohibits licensed auto dealers and salespeople from committing fraud and fraudulent misrepresentation or violating other provisions outlined in Virginia code.
Why do you need a motor vehicle dealer bond in Virginia?
By filing this surety bond, you agree to operate your dealership according to Virginia code. If you fail to do so, the bond protects individuals, firms, and corporations from losses, damages, and expenses resulting from your noncompliance. Your issuing surety company will pay valid claims up to the full $50,000 bond amount which you would then be required to reimburse.
Who regulates licensing for auto dealers?
The Virginia Motor Vehicle Dealer Board enforces motor vehicle dealer license requirements for the state. If you have questions about the Virginia motor vehicle bond or the status of your auto dealer license, you can contact the board by calling 1(804)367-1100 or emailing [email protected].
This bond is required for motor vehicle dealer licensing. If you plan to sell watercrafts in the state, you need a separate Virginia watercraft dealer bond.
Who needs a Virginia auto dealer bond?
Virginia code defines a motor vehicle dealer as any person who sells 5 or more vehicles within 12 consecutive months. If you sell more than 5 cars in a 12 month period, you must be licensed with the Motor Vehicle Dealer Board. You must maintain an active $50,000 Virginia surety bond with the board as long as your license is active.
How do I update or change my auto dealer bond form?
If the Motor Vehicle Dealer Board requires your surety bond documentation to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change.
The most common changes requested for these bonds are the dealer/dealership name or the business location address.
How do you renew your Virginia auto dealer bond?
You must renew your Virginia auto dealer surety bond 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 dealers apply for a motor vehicle dealer license in Virginia?
You must complete the following steps to apply for your Virginia auto dealer license.
- Indicate whether you're an independent dealer-operator or a franchise dealer-operator.
- Ensure your dealership location meets zoning requirements.
- Purchase and file a $50,000 Virginia surety bond.
- Purchase liability insurance.
- Complete and submit an application package to the MVDB.
- Pay all required fees.
2201 West Broad St.
Richmond, VA 23220
Virginia Motor Vehicle Dealer Bond Form
Virginia MVDB: How to Become a Dealer
Virginia DMV: Manufacturer and Distributor License Application (DSD 10)
Virginia DMV: Manufacturer or Distributor Representative License Application (DSD 7)
Code of Virginia Title 46.2 Motor Vehicles Chapter 15: Motor Vehicle Dealers
Call 1 (800) 308-4358 to talk with a Surety Expert today.