Renewal Reminder: Florida Auto Dealer Bonds are Now Renewing

…at ALL TIME LOW Rates in 2017

Car Dealership

The Florida Department of Highway Safety and Motor Vehicles, Division of Motorist Services assigns licensing periods for each type of auto dealer license. There are three different licensing periods throughout the year:

  • May 1 – April 30: Independent Motor Vehicle Dealers (license type VI), Wholesale Motor Vehicle Dealers (VW), Auction Dealers (VA) and Salvage Dealers (SD)
  • Jan 1 – Dec 31: Franchise Motor Vehicle Dealers (VF) and Franchise Service Facilities (SF)
  • Oct 1 – Sept 30: Mobile Home Dealers (DH) or Mobile Home Brokers (BH), Recreational Vehicle Dealers (RV), and Used Recreational Vehicle Dealers (RU)

This means Florida Used Car Dealer Bonds and their licenses must be renewed prior to May 1st, 2017. Florida Motor Vehicle Dealer Bonds are still required to be $25,000 for VI, VW, VA, SD, and VF license types, even though these bonds have seen their share of claims and losses, and general troubles for the surety industry.

Due to the number of bonds required in Florida, the competitive surety bond marketplace continues to be even more aggressive in 2017 in writing these bonds. This $25,000 auto dealer license bond can now be written for as little as $175 for a 1-year term. In addition, there is also a discount available for those that opt to renew their bond for 2 years. Keep in mind that just like most auto loans, these bond’s rates (otherwise known as bond premiums), are primarily based on credit scores. Typically, the higher the credit score, the lower the bond rate.

It’s best to act now and renew your bond today! Don’t wait until the middle of tax season when you’re too busy selling cars! The ProSure Group makes the process quick and easy to renew your current bond or replace it with another bond. Call us at our toll-free number 1-800-480-3883 or email us at commercialbonds@prosuregroup.com. Or you can apply online for a free quote using the link below.

In almost every situation we can write your bond in less than a day! Whether you have good credit or bad credit, it doesn’t matter. The unique relationships we have established with over 30 surety companies allows us to place any bond at the best rates available.