A dealer bond is used as a type of guarantee that a dealer will not violate the rules established by the State. It protects the public by paying the amount of financial loss suffered by a customer from a dealer’s illegal actions. Bonds are enforced by the South Dakota Motor Vehicle Division.
Several factors play into the equation of what you will pay to receive your bond. Things like personal credit and years in business will affect your cost, as well as the bond amount required for your dealer license.
Taking all of these aspects into account, Jet searches to find you the best cost for your situation. We offer the best rates, allowing you to choose from either a yearly or a month-by-month option to keep costs low at first.
| Price Tier* | Motor Vehicle Dealer Bond |
|---|---|
| Monthly | Annual | |
| Preferred | $12 | $125 |
| Standard | $21 | $250 |
| Credit Repair | $47 | $599 |
When applying for your dealer license, you will have to submit several documents along with your application. Specifically, these documents must be included:
Bonding requirements are different in each state and even among dealers in the same state. South Dakota has five bond amounts that match up to specific dealers. The graph below shows which amount dealers must be bonded in. Additionally, not all dealers need a bond. Dealers selling trailers that weigh less than 3,000 pounds are exempt from carrying a bond.
$25,000 Motor Vehicle Dealer Bond