What is a Wyoming Vehicle Dealer Bond?
The surety bond is a licensure requirement for Vehicle Dealers in the State of Wyoming. The prerequisite is adopted by the Wyoming Department of Transportation based on § 31-16-103 of the Wyoming Statutes Annotated.
A Vehicle Dealer is a person who is in the business of selling or trading vehicles.
What is the bond amount?
The bond amount is $25,000.
Those who have excellent credit scores may qualify for a very low bond premium or just 1% of the bond amount!
Find out what you need to pay by getting your FREE quote here!
What are the Vehicle Dealer bond conditions?
- The surety bond should be issued by a corporate surety who is authorized to conduct business in the State of Wyoming such as Surety Bond Authority
- The surety bond will be made payable to the State of Wyoming
- The surety bond should be written in the form approved by the Wyoming Attorney General
- The Vehicle Dealer licensee is obligated to comply with the provisions of § 31-16 of the Wyoming Statutes Annotated, the rules and regulations of the Wyoming Department of Transportation, and all the other applicable rules that govern vehicle dealers in Wyoming
- The surety bond should guarantee that the Vehicle Dealer licensee will return the following:
- Dealer or Wyoming based manufacturer license
- Manufacturer plates
- Full use and demo plates
- Temporary permits
- In case of a valid violation committed by the Vehicle Dealer licensee, the aggrieved party will be eligible to file a claim on the bond
How can I obtain this bond?
You can easily obtain this bond by following these simple steps:
STEP 1: Apply
If you are ready to submit your application for this type of bond, you may easily do so here.
STEP 2: Underwriting
Once we have received your application, we will ask you a couple of important details needed for the underwriting process. This will include your financial history, your job performance history, and your credit score. An expert underwriter will evaluate all those.
STEP 3: Bond Execution
After you have satisfied the underwriter’s checklist, the bond will immediately be issued and sent to you!
What else are the other Vehicle Dealer license requirements?
- Submit a completed Wyoming Vehicle Dealer and Manufacturer License Application form (MV-422)
- Submit a completed Wyoming Vehicle Dealer/Wyoming Bases Manufacturer License Background Check Questionnaire form (C&I BCQ)
- Submit proof of incorporation
- The license applicant must have a Wyoming Sales and Use Tax License
- Submit photos of the business’ location
- Submit copies of the franchise agreement
- Pay the necessary annual fee
- $100 – vehicle dealers that sell 12 or more vehicles in 12 months before the application date
- $25 – vehicle dealers that sell less than 12 vehicles in 12 months before the application date
Ready to apply for this bond? Start here!