People who have dreams of having their own car dealership will know that obtaining a surety bond is the biggest hurdle in their way. Often aspiring dealerships are brought to their knees in their pursuit of a surety bond and are forced to give up on their dreams!
We at BondPro want to put an end to that which is why we’ve compiled a short guide that businesses can follow to obtain an auto dealer bond easily!
Why Does a Surety Bond Matter?
The surety bond (or an auto dealer bond) is a three-way agreement between the Obligee (the owner of the project); the Principal (the people or person signing up for a surety bond) and the Surety Company, which acts as a safeguard and protects the American people from fraud.
Strictly enforced by the Department of Motor Vehicles (DMV), the surety bond requires dealerships to follow country wide regulations to the letter and goes a long way in ensuring that people don’t have to pay over the odds for a problematic car.
How to Get a Surety Bond:
The first thing that you need to understand is that the fee of a surety bond varies from state to state. You can find more information about the surety bond fee in your state by either visiting your regional DMV office or its official state-run website.
Once you’re aware of the legal fee, you need to get in touch with a professional surety bond producer. The producer of the bond is a person or an organization that makes it easier for automobile dealerships to meet the strictly enforced ethical and legal requirements. Furthermore, the producer can also offer you some technical advice and make you more presentable, which will make it much easier for you to obtain a surety bond.
Once you’ve spoken to the producer, the contractor (in this case, you) might be required to give a formal presentation to the surety company, explaining the aims of the business. If all goes well in the presentation, your application will be accepted and you’ll be granted an auto dealer bond.
Verifying Your Bond:
The battle doesn’t end there as there are many organizations that sell a counterfeit surety bond to make a quick buck. Make sure that you’re not a victim of your auto dear bond fraud by verifying it the moment it arrives in the mail.
Luckily, there are countless authentic resources which can verify the legitimacy of your surety bond. For example, you can always get in touch with the insurance department of your state to check the validity of your surety bond and put your mind at ease.
However, you can simplify the process exponentially by getting in touch with us. We’ve been active in the industry for years and can make it easier for you to get a surety bond in Oklahoma!
Remove any suspicions from your mind by contacting us today to get your auto dear bond, and make your dreams of owning a dealership a reality!