Wholesale motor vehicle dealer bond cost
Arizona wholesale motor vehicle dealer surety bonds must be posted in the amount of $25,000 and are required by the Arizona Department of Transportation.Qualified applicants can purchase this bond for a 2-year term for an even lower rate!
Why this bond
Arizona wholesale motor vehicle dealer surety bonds are put in place to protect customers from any malpractice of wholesale motor vehicle dealers during the sale of vehicles in the state. This bond ensures that customers are entitled to receive compensation for any damages suffered as the result of a principal (wholesale motor vehicle dealer) engaging in unethical or unlawful business tactics. Some of the laws governing wholesale motor vehicle dealers include:
- requiring wholesale vehicle dealers to have the title to any vehicle they plan to sell
- not advertising the sales of vehicles that aren’t on the premises of the established place of business
- securing manufacturers’ warranties in the name of the purchaser
- giving the purchaser all applications for rebates from the manufacturer
Arizona wholesale motor vehicle dealer surety bonds are continuous until canceled, and unless the surety or obligee decides to cancel this bond, it will remain in full effect. If the surety does decide to cancel this bond 60 days of notice prior to the cancellation date is required.
The form for the Arizona wholesale motor vehicle dealer bond is the same form for the new/used motor vehicle dealer and automotive recycler bonds. When filling out this bond form, make certain that you select the proper business type. If you need to apply for multiple licenses, you must submit a separate bond form for each individual license type.
Become a wholesale motor vehicle dealer
In the state of Arizona, getting bonded is just the first step to legally being able to act as a wholesale motor vehicle dealer. The Arizona Department of Transportation requires all wholesale vehicle dealers to be licensed.There are multiple requirements that must be met to obtain the proper license. Below are a few major requirements that you’ll need to meet before you are eligible to be licensed:
- complete a criminal record check
- submit a copy of your fingerprints
- submit a copy of your buy/sell agreement
- have an established place of business
- have set business hours
- acquire and display a business sign
Ready to get an Arizona wholesale motor vehicle dealer surety bond so that you can obtain the appropriate license?
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- Arizona Motor Vehicle Division Vehicle Dealer Bond Form
- Arizona Motor Vehicle Division Motor Vehicle Dealer/Sales Finance Company Application Instructions
- Arizona Motor Vehicle Division Licensing Information
- Arizona Motor Vehicle Division Process Overview Dealer Licensing Services Motor Vehicle Dealer Licensing
- Arizona State Legislature Arizona Revised Statutes, Title 28 – Transportation