What is a Hawaii Motor Vehicle Dealer Bond?

Hawaii Motor Vehicle Dealer BondSeveral years ago, business firms centered on a finely-crafted mission statement to draw clients, empower employees, and achieve their bottom lines. At present, business owners are less engaged by smartly written declarations and engaged more by activities that entrench their lives with significance. A TED speaker, Simon Sinek said, “People don’t buy what you do; they buy why you do it.” Efficient businesses have summoned clusters of workers to answer that “why we do what we do” query. Frequently, the answer rests in backing up charitable causes or in taking part in community outreach programs. In short, today’s businesses think more of what or how they can put their clients’ mind at peace to improve their financials. For those in motor vehicle dealerships, they procure a Motor Vehicle Dealer Bond.

The Hawaii Motor Vehicle Dealer Bond is an explicit guarantee that will shield car buyers and the general public from damages as a result of mediocre work, slipshod efforts, unwarranted slip-ups, and lapses of judgment committed by a motor vehicle dealer. The bond likewise represents a verifiable assurance that in the event a dealer takes part in an unlawful activity or shady business practices such as selling vehicles for an incorrect price or holding back critical information, a remedy can be resorted to thru the bond to help jeopardized customers.

 

Why do you need a Hawaii Motor Vehicle Dealer Bond?

You need the Hawaii Motor Vehicle Dealer Bond because you want to show to your clients that you have the capacity and the competence to provide services in an honest and skilled manner. Having the bond is an indispensable strategy to advance your status as a business owner and can repeatedly boost your image within the industry.

More details about the Hawaii Motor Vehicle Dealer Bond

 

What is the cost of a Hawaii Motor Vehicle Dealer Bond?

The Hawaii Motor Vehicle Dealer Bond amounts vary.  Bond amounts are established after knowing what:

  • type of vehicles sold
  • the volumes of vehicles are for sale

Bond amounts for new vehicle dealers are the following:

  • $200,000 – sold 10 or more new vehicle units/month
  • $50,000 – sold less than ten new vehicle units/month

Bond amounts for used motor dealers are the following:

  • $100,000 – sold 60 or more motor units/month
  • $10,000 – Motorcycle and motor scooter dealers

Bond premiums are computed based on the registrant’s financial history and credit score. Those applicants with sound financial credentials pay rates calculated between 1% – 4% of the bond amount. Those who have histories of felony convictions may be asked to pay higher premium rates.

 

How do I get a Hawaii Motor Vehicle Dealer Bond?

Getting the Hawaii Motor Vehicle Dealer Bond is effortless. Choose a reliable surety company and call ASAP! An experienced surety professional will enthusiastically provide you with answers to whatever concerns you have in the operation of your business.

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