Maine Motor Vehicle Dealer Bonds

While there are many dealers in the Maine auto industry, not all are required to have a bond. The dealers who will receive their license without bonding requirements are light trailer (under 2,000 pounds) and equipment dealers, as well as loaners and transporters. Dealers who must have a bond are new and used car dealers, motorcycle dealers and auction dealers.

Once the bond is purchased, the original will be sent to you to file with your inspector. New applicants will need to send in the original copy of the bond with the rest of their paperwork to the Department of the Secretary of State, Bureau of Motor Vehicles.

Qualifications of Bond Limits

In Maine, bond limits are determined based on the number of vehicles sold within a year. If it is your first time applying for a license, your bond limit will be determined by your projected sales. If renewing your license, you will have to look at the number of vehicles sold in the last year. The Secretary of State will annually verify that each licensee has the correct bond limit for their business.

Price Tier* Motor Vehicle Dealer Bond
Monthly | Annual
Preferred $12 | $125
Standard $21 | $250
Credit Repair $47 | $599
Motor Vehicle Dealer Bond
Price Tier
Monthly | Annual
Preferred
$12 | $125
Standard
$21 | $250
Credit Repair
$47 | $599
*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.

Cost of a Dealer Bond in Maine

Bonding is a great tool for dealers as you only have to pay a small portion of the bond limit to receive your bond. Your actual cost will be measured initially by the amount required for your license and then by personal factors, like years in business, credit score, and past credit history. Once these factors are considered, Jet Surety uses several insurance companies to find you the lowest price.

Bond Applications for Alabama

$25,000 Motor Vehicle Dealer Bond

Steps to Take to Get a Dealer License

The application process for a car dealer is simple if the steps are followed. To receive your dealer license, you must submit: