What is an Idaho Vehicle and Vessel Dealer Bond?
Vehicle dealers and retailers play a huge role in shaping the lives and experiences of the average buyer. Buying a car or any vehicle is not an everyday event, thus, to many people, the purchase is a great highlight in their lives. For this reason, vehicle/vessel dealerships, by the nature of their business are not just selling cars; they are selling an experience, a lifestyle. They are also selling trust. With such influence and accountability placed on them, vehicle dealers should recognize the necessity of delivering extraordinary customer experiences to their customers, both existing and potential. As they are also selling trust, it is imperative for them to manifest their reliability as business professionals. In this aspect, they will need the Vehicle and Vessel Dealer Bond.
The Idaho Vehicle and Vessel Dealer Bond is an unequivocal guarantee that protects clientele from deceitful business transactions of dealers. By posting this bond, a vehicle and vessel dealer based in Idaho concurs to comply with every rule and regulation delineated in the Idaho Code, in addition to those put in force by the Idaho Transportation Department and the Federal Motor Vehicle Safety Standards. The bond is also a definite assurance that dealers will not employ any misleading advertising, purchase or sells stolen vehicles, engage in business without a legal license or vehicles that have been modified or its vehicle ID number removed nor display any vehicle for sale that does not have a title.
Why do you need an Idaho Vehicle and Vessel Dealer Bond?
You need the Idaho Vehicle and Vessel 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 Idaho Vehicle and Vessel Dealer Bond
Prior to obtaining the Idaho Vehicle and Vessel Dealer Bond, you must have a 1) filled up Original Application for Three Year Vehicle Dealer Certificate as a Dealer or Rebuilder of Vehicles, 2) a liability insurance certification, and the 3) education certificate from an approved provider or DMV’s Education Requirements Certificate of Exemption Form and your fee payment.
How much does an Idaho Vehicle and Vessel Dealer Bond?
The Idaho Vehicle and Vessel Dealer Bond amounts vary. Bond amounts are established after determining:
- the type of vehicles sold
- the volume of vehicles that are put up for sale
Vehicle and vessel dealers selling motorcycles, UTVs, ATVs or snowmobiles need $10,000 bond coverage. On the other hand, wholesale dealers are mandated to file $40,000 surety bonds while dealers who sell other vehicle types need $20,000 of coverage.
Bond premiums are computed based on your financial history and credit score. If you have robust financial credentials, you typically pay rates which are 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 an Idaho Vehicle and Vessel Dealer Bond?
Getting the Idaho Vehicle and Vessel 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.