A $25,000 surety bond is required for motor vehicle dealers and several other vehicle-related businesses in West Virginia. The bond must be filed with the West Virginia Division of Motor Vehicles, Dealer Services, as a guarantee that compensation is available should a dealer cause monetary harm to someone while doing business.
The Auto Dealer Bond is ready within minutes—get started:
Jet’s direct distribution model eliminates middlemen, therefore ridding of fees while providing a quick process and low-cost Motor Vehicle Dealer Bond.
The price depends on a few factors: (1) the bond type, (2) your personal credit, and (3) your years of relevant experience. The cost of a $25,000 Motor Vehicle Dealer Bond starts at $175 for one year or $18 a month.
|Motor Vehicle Dealer||$18||$175|
|Motor Vehicle Leasing||$19||$188|
The soft credit check is standard in the surety industry for Auto Dealer Bonds to assess risk with each applicant, but don’t worry, it won’t affect your credit score.
Motor Vehicle Dealer is inclusive of new, used, recreational, motorcycle, and trailer dealers. All license classifications listed in the chart below need a surety bond to operate.
|D - New & Used||Sells 5+ new/used vehicles in a year|
|DUC - Used||Sells 5+ used vehicles in a year|
|Drv - Recreational||Sells new and/or used RVs|
|Dtr - Trailer||Sells new and/or used trailers|
|F - Motorcycle||Sells new and/or used motorcycles|
|Aa - Auto Auction||Sells vehicles at auction|
|Wdr - Wrecker||Deals in wrecked/damaged vehicles or parts to later sell|
|Dismantler||Deals in wrecked/damaged vehicles or parts to later sell|
|Rebuilder||Rebuilds salvage vehicles to later sell|
To become a vehicle dealer in the state, you’ll need to do the following:
After the application is received, an inspector will collect fingerprints of all the owners/officers.
Additional license requirements can be found on the Dealers Licensing page.
West Virginia has statutes in place to protect its people from fraudulent and negligent motor vehicle dealer actions. The bond, provided by a third-party surety company (Jet), is just one of the regulations enforced by the West Virginia Division of Motor Vehicles for licensed motor vehicle businesses in the state.
The surety company guarantees they will pay out restitution, up to the bond limit, to a harmed individual or entity in the event of a valid bond claim. Claims happen for several reasons, such as odometer tampering or failing to disclose important details about a vehicle. If a claim is paid out by the surety company, it is the responsibility of the licensee to restore the bond’s limit by paying the Surety back.
It’s essential for dealers to understand the implication of their actions. Generally, licensees are given a chance, or several, to rectify situations before it leads to serious disciplinary action, including bond claims, license revocation, and fines. Legislation can be reviewed here:
Click the quote button to get started. The application will only ask for the information necessary to get you a quote and fill out the bond form.
You will be given a quote right away, no waiting for underwriter approval! Choose between monthly payments or paying in full. After successful payment, you can download your bond form and receipt for your records. Then, the original bond must be filed with Dealer Services at the address below:
West Virginia Division of Motor Vehicles, Dealer Services
PO Box 17100
Charleston WV 25317
Jet will take care of filing for you, when applicable. If you want the bond form mailed to you for filing with other documentation, you can choose between standard or overnight delivery.