Dealer Bond Requirements
Alex Downard
Chris Snyder
Wisconsin is $50,000 for new and used car, heavy duty truck and Motor home dealers. $25,000 for motorcycle and wholesale dealers. we increased the bond from $25,000 to $50,000 about 20 years ago because if something goes wrong at a dealership, $25,000 doesn’t go very far to cover claims. Frankly, $50,000 doesn’t either. Underwriting scrutiny increased and a couple of marginal operators could not get coverage. Other than that, it is not a huge barrier for people to get into the business.
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Sonja Jorgensen
6905 South 1300 East, #343
Cottonwood Heights, UT 84047
Paula Frendel
$50,000 bond: new franchise applicants who sell cars, SUVs, light trucks, etc.
$100,000 bond: applicants who sold more than 50 vehicles in the previous calendar year.
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Dave Warkentin
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Alvin Melendez
Virginia has the Motor Vehicle Transaction Recovery Fund. The Fund shall be a special fund in the state treasury to pay claims against the Fund. The Fund shall be used to satisfy unpaid judgments.
Every applicant renewing a motor vehicle dealer's license shall pay, in addition to other license fees, an annual Fund fee of $100, and every applicant for a motor vehicle salesperson's license shall pay, in addition to other license fees, an annual Fund fee of $10, prior to license issue. However, annual Fund renewal fees from salespersons shall not exceed $100 per year from an individual dealer. These fees shall be deposited in the Motor Vehicle Transaction Recovery Fund.
Applicants for an original motor vehicle dealer's license shall pay an annual Fund fee of $350 each year for three consecutive years. During this period, the $350 Fund fee will take the place of the annual $100 Fund fee.
In addition to the $350 annual fee, applicants for an original dealer's license shall have a $50,000 bond for three consecutive years. Only those renewing licensees who have not been the subject of a claim against their bond or against the Fund for three consecutive years shall pay the annual $100 fee and will no longer be required to pay the $350 annual fee or hold the $50,000 bond.
In addition to other license fees, applicants for an original Certificate of Dealer Registration or its renewal shall pay a Fund fee of $60.
Alvin Melendez CMD
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Good afternoon, all!
Our Secretary of State is looking at increasing the dealer bond requirement from $25,000 to $50,000 in Indiana. I was wondering if you all would be willing to share what your bond amounts are in your state and any other relevant information on why it is set at that amount, how much the Attorney General has recovered in cases, etc.
I appreciate any information you all might have!
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Sexton's
David Cardella
Colorado requires every Dealer, retail or wholesaler, to carry a 50k bond and renew it prior to renewing their license. Colorado also requires each salesperson to carry a 15k bond and renew it prior to renewing their license. Dealer bond cost $450.00 and salesperson bond $90.00. New Dealer/Wholesaler license fee is $841.00 renewals are $686.00. New salesperson license is $203.00, renewals $157.00 and if the salesperson sells at multiple locations each additional license is $157.00. They also need fingerprint-based criminal history check for all original applicants $39.50 and if the renewal is late the fee is $50.00.
The suggestion to raise bond amounts comes up every few years but with the effects of Biden economics increasing Dealer fallouts we may soon lose that argument. ☹
DAVID CARDELLA
CEO
Colorado Independent Automobile Dealers Association
82
YEARS STRONG
From: iada-...@googlegroups.com <iada-...@googlegroups.com>
On Behalf Of Alex Downard
Sent: Monday, October 16, 2023 11:36 AM
To: iada-...@googlegroups.com
Subject: Dealer Bond Requirements
Good afternoon, all!
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Juan C Mendez
On Oct 16, 2023, at 1:50 PM, Sonja Jorgensen <sjorge...@gmail.com> wrote:
To view this discussion on the web visit https://groups.google.com/d/msgid/iada-execs/CAEfVoyKH7A0g0TOiWppGdv2xS46JeaUfmeH4is7Z9HN3KifUVw%40mail.gmail.com.
John Caudell
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Randy E Jones
On Oct 16, 2023, at 12:53 PM, Paula Frendel <nyiada....@gmail.com> wrote:
To view this discussion on the web visit https://groups.google.com/d/msgid/iada-execs/CAENfKpNnJw24TbEigCLmj8RjTJF3pKMSAOHhfu%3D_uYDk3iNt4Q%40mail.gmail.com.
nebras...@gmail.com
Nebraska is $50,000 https://mvdealerbd.nebraska.gov/pdfs/Dealer%20App%20Instructions.pdf
From: iada-...@googlegroups.com <iada-...@googlegroups.com> On Behalf Of Randy E Jones
Sent: Wednesday, October 18, 2023 11:13 AM
To: Paula Frendel <nyiada....@gmail.com>
Cc: Alex Downard <executiv...@indianaiada.com>; iada-...@googlegroups.com
Subject: Re: Dealer Bond Requirements
Alabama is $50,000 now.
To view this discussion on the web visit https://groups.google.com/d/msgid/iada-execs/A9CA8B67-19B3-455C-A3B4-29FB47029505%40myaiada.com.
Karen Brown
Tennessee’s Dealer Bond Requirement is also $50K.
Karen Brown
Executive Director
TNIADA
3844 Dickerson Rd
Nashville, TN 37207
931.265.6143 Mobile
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From: iada-...@googlegroups.com <iada-...@googlegroups.com>
On Behalf Of Randy E Jones
Sent: Wednesday, October 18, 2023 11:13 AM
To: Paula Frendel <nyiada....@gmail.com>
Cc: Alex Downard <executiv...@indianaiada.com>; iada-...@googlegroups.com
Subject: Re: Dealer Bond Requirements
Alabama is $50,000 now.
To view this discussion on the web visit https://groups.google.com/d/msgid/iada-execs/A9CA8B67-19B3-455C-A3B4-29FB47029505%40myaiada.com.
