Motor Vehicle Dealers - Used Vehicles Only
Required for used motor vehicle dealers in Rhode Island to obtain and maintain their dealer license from the Motor Vehicle Dealers License Commission.
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About This Bond
The Rhode Island Motor Vehicle Dealers License Commission - Motor Vehicle Dealer Bond is a surety bond required for businesses that sell used motor vehicles in Rhode Island. This bond is mandatory for obtaining and maintaining a motor vehicle dealer license from the Rhode Island Motor Vehicle Dealers License Commission.
Used car dealers, independent auto lots, and other businesses engaged in the retail sale of pre-owned motor vehicles must secure this bond as part of their licensing requirements. The bond ensures compliance with state regulations governing motor vehicle sales and dealer operations.
The bond protects the Rhode Island Motor Vehicle Dealers License Commission and consumers from financial losses that may result from the dealer's failure to comply with state laws and regulations. This includes protection against fraudulent practices, failure to transfer titles properly, or other violations of motor vehicle dealer statutes.
The bond is issued in the amount of $50,000 and has a one-year term. It must be renewed annually to maintain an active dealer license and continue legal operations in Rhode Island.
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FAQ
Rhode Island Auto Dealer Bond Questions
The cost of a Rhode Island auto dealer bond is usually a small percentage of the state-required bond amount. Your exact premium depends on the bond amount, license type, business details, and underwriting factors such as credit.
Many auto dealer bonds can be issued the same day after you complete the application. Larger bond amounts or applications that need underwriting review may take longer.
Requirements vary by license type, but most Rhode Island auto dealers need to complete a short application and purchase the bond amount required by the state before their license can be issued or renewed.
Often, yes. Many states have separate bond requirements for wholesale, retail, broker, or other dealer license types. Choose the bond that matches your Rhode Island license instructions.
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TurboBonds.com is operated by Insurance Services by Shield, a California and Texas licensed insurance agency (CA License #6018195, TX License #3446536). Insurance Services by Shield is not an insurance carrier and does not underwrite bonds or insurance policies. Bond and coverage availability, pricing, and issuance are subject to carrier underwriting approval, eligibility, applicable state requirements, and policy or bond terms. Availability varies by state.
