The State of Vermont requires individuals transacting business as a new or used motor vehicle dealer to be licensed through the Vermont Department of Motor Vehicles (VDMV). An important step in obtaining a dealer license is submitting and maintaining a surety bond with the VDMV. The bond guarantees that the principal (vehicle dealer) will faithfully comply with the provisions of the State of Vermont statutes applicable to new and used motor vehicle dealers. It also protects against any loss sustained due to the principal’s failure to remit fees to the Commissioner of Motor Vehicles collected pursuant to 23 V.S.A Chapters 7 and 21 or 32 V.S.A. Chapter 219.
The surety bond amount will vary and is based on the amount of vehicles sold the previous year:
- New applicant OR 251 or more vehicles: $35,000
- 101 to 250 vehicles: $30,000
- 25 to 100 vehicles: $25,000
- Less than 25 vehicles: $20,000
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 – Vermont
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