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Washington, DC, requires licensed auto dealers to obtain a motor vehicle dealer bond to operate legally. A motor vehicle dealer bond protects consumers and others from unlawful license code violations committed by the dealer. Auto dealer bonds are mandatory in DC as a business licensing requirement.
Any individual or business that deals with motor vehicles, including buying, selling, or exchanging vehicles in DC, is mandated by the Department of Motor Vehicles (DMV) and the Washington Department of Consumer and Regulatory Affairs to acquire a bond of $25,000. The vehicle dealer does not pay the full bond amount; they only pay a percentage (bond rate) based on a review of credit and experience. A dealer can expect to pay a rate as low as 0.5% to 1% with well-qualified credit.
Auto dealer bonds are there to protect the buyer, not the dealer. These surety bonds assure that licensed motor vehicle dealers in Washington D.C. pledge to do business according to the state’s licensing statutes and regulations. Reach out to get started. Contact us.