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All motor vehicle dealers are required by the Kentucky Motor Vehicle Commission to post a dealer surety bond to satisfy licensing requirements and assure the public and others that the dealer will operate according to licensing laws and statutes. The bond amount the state requires is determined by the dealer’s estimated annual volume of vehicle sales. However, the minimum bond amount can’t be lower than $15,000. It is important that dealers applying for a bond calculate their sales volume to determine the required bond amount before applying for a bond.
Pricing for motor vehicle bonds in the state of Kentucky can vary very. This is because the required bond amounts can vary based on the annual sales of each applying dealer and because underwriting considers the applicant’s credit score and experience. Generally, a dealer can expect to pay 0.5% to 3% of the requred bond amount.
Kentucky motor vehicle dealer bonds are required to assure licensed auto dealers adhere to the state’s laws and statutes regarding dealer licensing.
This bond offers protection to consumers and other parties that the dealer will not act in bad faith or illegally. Those parties who do suffer harm from a dealer’s unlawful actions can take cliam against the bond.