South Carolina MV Dealer Surety Bond - $50k
We write $50,000 Motor Vehicle Dealer/Wholesaler Bonds in South Carolina.
Our GOOD CREDIT price is $1250 for 3 years.
Starting January 1st, 2024, each dealer, besides those holding only a motorcycle dealer license, must increase their bond amount from $30,000 to $50,000 for each licensed dealership. Also, the validity period for your dealer license will also change from an annual license to a three-year license.
South Carolina Motor Vehicle Dealer Bonds are required by the South Carolina Department of Highways & Public Transportation. Form DLA-1B, Motor Vehicle Dealer and Wholesaler Surety Bond, insures that every dealer or wholesaler applicant furnishes a surety bond in the amount required by state law. Effective January 1st, 2024 all Retail, Wholesale and Recreational Vehicle Dealers must furnish a surety bond in the amount of $50,000.00, along with its Power of Attorney. All Motorcycle and Motorcycle Wholesale Dealers must furnish a bond in the amount of $25,000. All Whole sale Auction Dealers must furnish a bond in the amount of $15,000.
You must submit your original Surety Bond and Power of Attorney with the Form DLA-1, Application for Motor Vehicle License, at the time of your application. The purpose of the bond is to provide indemnity for loss or damage caused an individual due to fraud or fraudulent representation in relation to a sale or transfer of a motor vehicle by a licensed dealer, wholesaler or their employees.
Most applicants with good credit will qualify for rate indicated. In order to receive your specific quote, we must review your qualifications to determine the lowest possible price. If you have already been declined or nonrenewed by another Surety Company, chances are you will not qualify for this preferred rate.
We have various sureties willing to write bonds for applicants with less than perfect credit, including a special program with very competitive prices for those with just a few credit blemishes.
We find the best possible price for your surety bond given your particular qualifications.
Additional information about this corporate surety bond requirement is as follows:
Obligee - South Carolina Department of Highways & Public Transportation
Bond Amount - $50,000
Bond Premium - $1250 for 3 years
Renewal Document - None.