We are a surety only agency that thrives on creating an unbeatable client experience! Our industry leading bond volume allows us to create programs that can be tailored to each individual client, getting them their bond faster at the cheapest cost! Below are a few reasons our clients love to work with us:
All licensed auto dealers must post a surety bond in accordance with Maryland state MVD licensing requirements. It assures consumers, the state, and others that the dealer will operate ethically according to licensing laws and statutes.
Types of dealer licenses that are required to post a surety bond:
Motor vehicle dealer bonds are underwritten based on several factors. Two main underwriting considerations are personal credit and industry experience. Generally, you can expect to pay 0.5% to 3% of the bond amount (which is based on total annual sales of the dealer).
Bonding Solutions has been able to assist Maryland auto dealers with their bonding needs for over two decades. We have programs in place for those clients who have credit score challenges or who are new in business. Contact us today for a quote.
Maryland motor vehicle bonds are required to protect consumers, the state, and others from illegal or unethical dealer operations. It assures these parties that the dealer will adhere to state licensing laws and statutes. The state of Maryland Department of Transportation Motor Vehicle Administration is the obligee (or entity requiring the bond). Maryland motor vehicle dealer bonds are continuous until cancellation is requested by the dealer or surety. Maryland requires 45 days cancellation notice from the surety.