Indiana Car Dealer Bonds
In order for a dealer to be licensed in Indiana, a bond must be submitted in with the Secretary of State, Auto Dealer Services Division. The bond limit is $25,000 and must be issued and filed alongside the power of attorney. Click the Let’s Roll button below to get started.
Once the quote is prepared, an email with a link to purchase the bond will be sent to the dealer. Upon purchase, Jet will mail the original bond to the dealer for filing with their inspector.
Cost of an Auto Dealer Bond in Indiana.
Dealer Bonds are priced based upon the dealer’s credit score, number of years in business, license type, etc. Upon qualification, the $25,000 auto dealer bond is offered at Jet for $100 for one year in full, or $10 per month.
|Price Tier*||$25,000 Auto Dealer Bond|
|Monthly | Annual|
|Preferred||$10 | $100|
|Standard||$25 | $300|
|Credit Repair||$47 | $500|
*The cost of the surety bond is based on many factors such as personal credit of the dealer, type of dealership, etc. Not all available price tiers are reflected in the above chart, and prices are not a guarantee as underwriting approval is required.
Indiana Bonding Requirements.
In the State of Indiana, a surety bond in the amount of $25,000 must be carried by the following businesses: automobile auctioneer, auto mobility dealer, converter manufacturer, dealer, distributor, distributor representative, factory representative, manufacturer, research and development, transfer dealer, and wholesale dealer.
All dealers are obligated to perform to a code of standards. If a dealer does not uphold these standards, action may be taken against the dealer to replace any monetary loss to a consumer.
The bond company will supply the payment to the customer in an approved claim up to the full bond limit, but the dealer is then responsible to pay the surety company back.
By clicking the Apply Now button below and completing the application, Jet will prepare a quote that will be emailed and available for purchase directly.
How Can a Dealer Apply for a Bond Online?
By clicking the apply now button below, the application will guide you through the quick process to get your quote in just minutes.
|Bond Application for Indiana Dealers|
|$25,000 Vehicle Merchandising Certificate/Bond|
The name of a business in Indiana determines when that license expires. The license expires on the first of each month, depending on the first letter of the business name. Dealer license plates also expire on the same day as the license expires.
|Initial*||Expiration Date (1st of the Month)|
|Non-alpha (number or symbol)||November|
Renewing a Dealer License.
The process of renewing your dealer license is made simple in Indiana. You can turn in your renewal application up to 90 days before license expiration through your online dealer account or a paper application can be mailed to the Indiana Secretary of State.
Certain documents must be included with the renewal application. Proof of the Indiana vehicle merchandising certificate/bond in the amount of $25,000 turned in, as well as a certificate of insurance meeting the minimum requirements.
You will also be required to pay the $30 license fee. The last document needed is evidence that your business received accreditation from the Quality Assurance Program of the National Mobility Equipment Dealers Association.
With the application, the name and address of the business is an important piece of information. If there have been changes to the name or address since the precious license, additional paperwork is needed for the renewal.
A record of the number of sales from the previous year is also required to ensure that your license is still needed. Selling 12 vehicles in 1-year period obligates a license. Include a list of the auctions you most often bought from.
Any representatives of a licensed manufacturer or distributor that need to renew their certificates should be indicated. Additional paperwork will be required if the representative’s have any changes to their information or if you would like to add a new representative.
Common Mistakes to Avoid with Bonds.
Sign the bond! Many applicants forget to sign the bond before turning it in with their license applications.
Do not let your bond expire! The Secretary of State recommends getting a bond that will expire after your license expiration. A better way is to renew your license ahead of the bond expiration. Any lapse in bond coverage during your license period will result in suspension of your license.
Write legibly in blue or black pen if submitting a paper application.