To become a new motor vehicle dealer in the State of Mississippi, applicants must submit a $25,000 surety bond to the Mississippi Motor Vehicle Commission (MMVC) as part of their licensing requirements. Additionally, if the dealer has multiple locations, a $100,000 surety bond may be provided to cover all locations in lieu of submitting separate bonds for each location. The purpose of Mississippi motor vehicle dealer surety bonds is to guarantee that the principal complies with all regulations set forth in the Mississippi Motor Vehicle Commission Law (MMVC Law) and to protect any person from loss due to the actions of the principal (vehicle dealer), when those acts constitute grounds for the suspension or revocation of their license.
To obtain a new vehicle dealer’s license in Mississippi, the following items must me submitted with the license application. Please consult the MMVC for additional requirements.
- $100.00 license fee (for each manufactured line)
- Salesperson Application(s) and fee(s)
- Bank affiliate’s name
- Bank officer’s name and contact number
- Biography of each principal
- Copy of latest financial statement
- Sketch or pictures of facilities labeled accordingly
- $25,000 surety bond
- Manufacturer’s area marketing analysis (motor vehicles only)
Used motor vehicle dealers must apply for a motor vehicle dealer permit and tags through the Mississippi Department Of Revenue (MDOR). As part of their permit requirements, dealers must have a Bond of Designated Agent in the amount of $15,000 on file with the MDOR. This bond guarantees that the “Designated Agent” complies with all regulations in the Mississippi Motor Vehicle Title Act and conducts business in an ethical and lawful manner. The term for Mississippi used dealer bond is continuous, and the bond remains in effect until canceled by the surety.
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.
Surety Bond Name
Motor Vehicle Dealer Surety Bonds – Mississippi
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