If you are engaged as a Used Motor Vehicle Dealer in the State of Maryland, you are required to execute a Maryland Motor Vehicle Dealer Bond to ensure compliance with the Transportation Article of the Annotated Code of Maryland.
The required amount of the Maryland Motor Vehicle Dealer Bond is as follows:
- 1 – 250 vehicles sold – $15,000 – your GOOD CREDIT price is $225
- 251 – 500 vehicles sold – $25,000 – your GOOD CREDIT price is $375
- 501 – 1,000 vehicles sold – $35,000 – your GOOD CREDIT price is $525
- 1,001 – 2,500 vehicles sold – $50,000
- Over 2,500 vehicles sold – $150,000
Bonds Express offers a Maryland Motor Vehicle Dealer Bond with a 99% approval rate.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Maryland Motor Vehicle Dealer Bond holds you accountable for your business decisions.
By possessing a Maryland Motor Vehicle Dealer Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.