Auto dealer bond cost
The Motor Vehicle Services division of the Wyoming Department of Transportation requires those involved in the sale of new or used cars, trucks or mobile homes to post $25,000 surety bonds prior to conducting business in the state.
These bonds are subject to underwriting consideration, so the price you’ll pay depends on a review of your personal credit report. Qualified applicants could pay as low as 1% of the bond amount, or just $250! Bad credit? No problem! We offers an exclusive bad credit bonding program through which help 99% of all applicants qualify for the bonds they need quickly, easily and accurately.
Why this bond
By posting a Wyoming vehicle dealer bond, principals (vehicle dealers) pledge to conduct business ethically and lawfully. Specifically, these bonds guarantee that principals will return the dealer’s license, full use and demo license plates and temporary permits issued. Unlawful acts covered by this bond include:
- knowingly publishing any misleading advertising materials
- selling, purchasing or acquiring stolen vehicles
- failing to keep an established place of business
- selling any imported vehicle that doesn’t meet United States standards
- and more
If the principal fails to uphold the terms of the surety bond agreement, the bond protects the state or any person from resulting financial loss up to the full amount of the bond. The principal must reimburse the surety for all damages paid out.
Vehicle dealer bond details
Vehicle dealer bonds in Wyoming remain in full force from the effective date and until expiration date listed on the surety bond form.A notary’s seal and signature must be present on the surety bond form.
Become an auto dealer
Any person engaged in the business of selling or exchanging 3 or more vehicles in Wyoming in any consecutive 12-month period must be licensed as a vehicle dealer. To become licensed, applicants must:
- submit an application to the Wyoming Department of Transportation
- submit a $25,000 surety bond on the form prescribed by WYDOT
- undergo a criminal background investigation
- and more
The vehicle dealer or Wyoming based manufacturer’s license is valid for one year. The effective and expiration dates of the license will correspond to the effective and expiration dates of the bond posted. The license must be renewed prior to the expiration date of the previous year’s license.
Apply for your surety bond
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