If there is anything that Nebraska, South and North Dakota have in common it is wide open spaces and an independent frame of mind. But when it comes down to the requirements for a DMV bond for auto dealerships, these three states have quite different legal requirements. If you have been considering opening up an auto dealership in Nebraska or looking at expanding your dealership in either North or South Dakota, you might want to review the legal requirements for surety bonds we have listed here.
Nebraska Auto Dealer Surety BondsLuckily for many auto dealers, you can do most of the paperwork for your DMV license online in Nebraska. They will want to know if you are selling used cars or new cars, but the requirements for a surety bond are the same regardless. You will need to post a $50,000 DMV bond with your licensing as part of the requirements. Besides the bond, all you are required to submit are:
- The name and contact information for the owner of the business
- If there are partners in the business, their names and contact information
- Where the business will be located, how big it will be and it’s hours of operation
- Whether you plan to sell used vehicles, new vehicles or both
South Dakota Auto Dealer Bond RequirementsIn South Dakota they are a bit more particular about what type of vehicle you plan to sell when it comes to your DMV licensing and the DMV bond that will accompany it. Maybe it is all those presidential faces looking down from Mt. Rushmore, who knows? In any event, you can’t even advertise a business that sells these things without a license and the surety bond that goes with it. Private sales are fine, but if you plan to open any kind of vehicle dealership in South Dakota, here are the rules:
- If selling mobile homes, new autos and/or used autos – $25,000 surety bond
- If selling boats – $20,000 surety bond
- If selling trailers that are at least 2,000 pounds – $10,000 surety bond
- If selling motorcycles and snowmobiles – $5,000 surety bond
North Dakota DMV Surety Bond for LicensingIt seems that the DMV in North Dakota like to keep things simple. They use the same licensing form for all types of dealerships. It doesn’t matter if you want to sell new vehicles, used vehicles, motorcycles, motor homes or trailers. They all require the same form, and they all require a $25,000 DMV surety bond with that form. The licenses all will expire on December 31st each year and will need to be renewed.
Get Your DMV Bond QuicklyLooking for a quick and easy way to get that DMV surety bond for your dealership? BuySurety can help you out with a fast phone call. Contact our offices today through our website and let them know what you need. Not sure? We can help with that too. Just tell us what state, what kind of license and we will walk you through the rest.
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