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.
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*||0-50 Vehicles Sold||51-100 Vehicles Sold||101-150 Vehicles Sold||151+ Vehicles Sold|
|Monthly | Annual||Monthly | Annual||Monthly | Annual||Monthly | Annual|
|Preferred||$13 | $150||$25 | $300||$38 | $450||$50 | $600|
|Standard||$27 | $325||$54 | $650||$63 | $750||$83 | $1000|
|Credit Repair||$47 | $500||$94 | $1000||$135 | $1500||$177 | $2000|
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.
0-50 Vehicles $25,000
51-100 Vehicles $50,000
101-150 Vehicles $75,000
151+ Vehicles $100,000
The application process for a car dealer is simple if the steps are followed. To receive your dealer license, you must submit: