The Delaware Division of Motor Vehicles regulates and licenses all motor vehicle dealers operating in the state. Dealers are required to submit a $25,000 surety bond, per Title 30, Chapter 30 of the Delaware Code, as part of their licensing requirements. This bond is for the benefit of consumers injured by any wrongful act, omission, default, fraud or misrepresentation by the licensed retail seller during the course of business.
The following are the different dealer license classifications:
- New Vehicle Dealer
- Used Vehicle Dealer
- Trailer Dealer (Utility, Horse, Boat, Etc.)
- Mobile Home Dealer
- Motorcycle/Moped Dealer
- Auction
- Wholesale
- Repossessor
- Recycler/Salvage
Delaware vehicle dealer surety bonds are continuous and remain in effect until canceled. The state requires a written notice be given a minimum of 30 days before the date upon which the cancelation takes effect.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.