North Carolina Surety Bond
North Carolina Surety Bond

Do I need a North Carolina auto dealer bond?

If you buy or sell more than five vehicles each year, you need a North Carolina auto dealer license and surety bond. The North Carolina Department of Transportation issues dealer licenses and requires $50,000 of surety bond coverage, plus $25,000 for each additional sales location.

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You’ll need a surety bond before you can get licensed, so get a quote from Absolute Surety today!

 

How much does this bond cost?

Your bond cost varies depending on your coverage amount and your personal credit history. North Carolina auto dealers with one location need a $50,000 bond and can expect their premium to be as low as 0.5%—only $250—with good credit. Dealers with three locations need a $100,000 bond and with lower credit could pay more than 5%—$5,000—for their bond premium.

 

Let Absolute Surety help you get the best rate for your North Carolina motor vehicle dealer bond. Give us a call at 1 (855) 689-5106 today!

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When do North Carolina auto dealer bonds expire?

Absolute Surety can issue these bonds with one-year or three-year terms. If you purchase an auto dealer bond on a three-year term, you’ll pay the annual premium times three.

 

When you renew your surety bond, your premium will be recalculated.  If your credit improved, that could mean a lower bond premium!

 

I just purchased my bond — now what?

After receiving your North Carolina auto dealer bond, you’ll submit the bond along with your completed application—and in some cases, you may also need to submit a Power of Attorney. Take a look at Resources for a closer look at dealer regulations and then call the Absolute Surety experts to learn more about how to get bonded.

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Resources

NCDOT Dealer Licensing Forms

North Carolina Auto Dealer Regulations