Infographic : Auto Dealer Bonds – How one can apply for it
The infographic below explains everything about auto dealer bonds and how one can apply for it. These type of surety bonds are designed to protect customers and the state from auto dealers that commit fraud.
Like other surety bonds, auto dealer bonds also provide financial proection that help regulate the industry. This bond protects customers, sellers, financial enterprises, and/or government agencies. If a dealer commits fraud or conducts business in an unethical manner, the bond helps these entities recover from any resulting financial loss.
An auto dealer bond is referred to as many other names: a car dealer bond, automobile bond, DMV bond, dealer bond, and motor vehicle dealer bond. Whether or not one needs to file auto dealer bonds generally depends on where you work and what kind of dealership you plan to operate.
To receive a motor vehicle dealer license, the first thing a new applicant must do is contact their state’s Department of Motor Vehicles (DMV).For more information, refer to the infographic below.