What is an Utah Car Dealer Bond?
Utah Car Dealer Bonds are required by the People of the State of Utah to obtain your Dealer license. The MVD Bond amount for the sale of New and used vehicles is set at $75,000. The Auto Dealer bond ensures that the principal shall comply with the conditions of any contract made by such licensee in connection with the sale or exchange of any motor vehicle and shall not violate any of the provisions of law relating to the conduct of the business for which it is licensed.
The State requires a Car Dealer bond for each license you hold:
$75,000 surety bond for New and Used Motor Vehicle Dealers, Public Consignment Auction Dealers and for any other types of dealer
$10,000 surety bond for motor vehicle inspection station
Different parts of a bond:
There are 3 parts to a MVD surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the MVD Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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Utah MVD Bond Information and Requirements:
Dealers must file a corporate surety dealer bond with MVED.