What is an Wyoming Dealer Bond?
Wyoming Car Dealer Bonds are required by Wyoming's DOT 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 and for any other type of dealer
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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Wyoming MVD Bond Information and Requirements:
All new applicants must undergo a criminal background investigation, including being fingerprinted, before a Wyoming Vehicle Dealer License will be issued.
1. All vehicle dealers must complete the form MV-422 Vehicle Dealer and Manufacturer Application. New vehicle dealers must also attach copies of franchise papers or dealer sales and service agreements for all new vehicles that they will be selling and complete the new vehicle information at the bottom of page 3.
2. Wyoming-based manufacturers must fill out steps 1 through 3 and 5 through 8 on the MV-422 Vehicle Dealer and Manufacturer Application. Written approval from the city or county stating that vehicles may be manufactured from the established location is required. Photos of the business location are required.
3. Check the application over thoroughly before submitting it to the department. The application will be returned for any blank, insufficient or incorrect information provided. There are some areas of the application that request attachments (pictures, lease copies, etc.). Be sure that additional attachments are enclosed with the application. The application must be signed and dated on page 4 step 7.
4. Applicant must have a Wyoming Sales and Use Tax License. Contact the Wyoming Department of Revenue to obtain this license.
5. The annual application fee for a vehicle dealer or Wyoming-based manufacturer's license must accompany the application with check to be made payable to the Wyoming Department of Transportation. See page 4 step 6 for the applicable fees.
6. Applicant must file with the department a bond in the sum of $25,000, with corporate surety duly licensed to do business within Wyoming on the bond form provided by the department contained in your packet. Provide this bond form to your insurance company. NEW APPLICANTS: Do not have the bond executed until you have been notified by this department that your application has been approved.
7. New applicants, excluding financial institutions and repossession companies, must undergo a state and national criminal history record background check, including completing the background check information questionnaire and submitting state and national fingerprint cards with the license application. Fingerprint cards must be obtained from WYDOT. Criminal history record information may take a minimum of 30 days to process. A license will not be issued until the criminal history record information is received, reviewed and the license application approved by the department.
8. The vehicle dealer or Wyoming based manufacturer's license is valid for one year. The effective and expiration dates of the license will correspond to the effective and expiration dates of the bond posted. The license must be renewed prior to the expiration date of the previous year’s license.
All vehicle dealers and Wyoming-based manufacturers will be provided with copies of the statutes and rules and regulations to be sent with the license or upon request to the department. The applicant is responsible for reading and understanding the laws and rules and regulations that apply to their dealership or manufacturing business.