What is an West Virginia Car Dealer Bond?
West Virginia Car Dealer Bonds are required by West Virginia's DMV to obtain your Dealer license. The MVD Bond amount for the sale of New and used vehicles is set at $25,000. 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:
$25,000 surety bond for New and Used Motor Vehicle Dealers, Public Consignment Auction Dealers
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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West Virginia MVD Bond Information and Requirements:
· Completed application
· $25,000 surety bond--bond not required for repo-financial institution, mfg-manufacturer and trs-transporter.
· 20/40/10 Dealer Liability Insurance *(insurance not required for ls-license service)
· Personal property tax receipt in the name of each owner/corporate officer or an affidavit from the county in which the dealership will be located stating that no taxes are owed
· Pictures of dealership and sign with letters no less than 4” in height
· A valid business license in the state of W.V.
· Garage agreement if required
· Franchise agreement if required
When dealer services receives your application, an inspector will be sent to fingerprint all owners/corporate officers and to get signatures on a release of information waiver.