Motor Vehicle Dealer bond does not protect the car dealer from lawsuits, but it protects the consumer from fraud or misrepresentation by the auto dealer. Auto Dealer Bonds guarantee compliance with state laws and every state sets its own bond amount, period and expiration date. Auto Dealers are required to obtain a motor vehicle surety bond which is also known as DMV bond, used car dealer bond. An auto dealer is required by the State Motor Vehicle Departments to obtain a dealership license in the state in which your dealership is located.
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