The Maine Bureau of Motor Vehicles requires anyone selling five or more vehicles in a year to hold an Auto Dealer Bond as part of their licensing requirements. The bond provides reassurance to the Bureau and the public that should they experience financial loss at the hand of the dealer, they will be reimbursed.
Click the quote button and have your dealer bond in minutes:
The biggest factors involved in the price are the bond limit (determined by the volume of cars sold per year), the dealer’s personal credit, and years of experience. Check the chart of starting rates at each bond limit. Multi-year rates are also available.
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Those applying for an initial license with the Bureau of Motor Vehicles will have their bond limit based on project sales for the upcoming year.
Several dealer types need a bond to be able to operate in the state of Maine. These include:
Used Vehicle Dealer: deals primarily in buying and selling used vehicles.
New Vehicle Dealer: deals primarily in buying and selling new vehicles and has a franchise from a manufacturer or distributor.
Motorcycle Dealer: deals primarily in buying or selling new and/or used motorcycles.
Heavy Trailer Dealer: sells trailers weighing over 3,000 pounds.
Vehicle Auction: sells vehicles at a public or private auction through bidding.
The following dealer types do not need a surety bond to operate but still need to be licensed with the Bureau of Motor Vehicles:
Dealer licenses expire on the last day of the month one year from the date of issuance.
The Maine Bureau of Motor Vehicles Dealer Section is responsible for issuing and maintaining licensed dealer records and the dealer plates. The Dealer Section is also tasked with keeping the public safe from dealer misconduct by enforcing regulations, such as the surety bond.
Auto dealer bonds provide a means of restitution in situations where a member of the public has experienced financial damage as the result of a dealer’s unethical or illegal action(s). For example, a customer finds out that a dealer has rolled back the odometer on a vehicle they bought from them and decides to pursue a bond claim. If the claim is valid, the surety company (Jet) will pay the customer the damages up to the bond’s limit. Then, it’s up to the dealer to pay the surety company back for the claim amount.
To read legislation specific to Maine motor vehicle dealers, refer to Maine Legislature, Title 29-A, Chapter 9.
Click the button below, fill in the information, provide payment, and download your bond form and receipt!
After that, Jet can take care of filing the to the Maine BMV for you, free of charge. If you need to send a physical copy of the bond in with paperwork, do so at the following address:
Maine Bureau of Motor Vehicles, Dealer Licensing
29 State House Station
Augusta, ME 04333
We produce these bonds as Jet Insurance Services through our partnership with Lexington National Insurance Corporation.