Auto Dealer Bonds in Louisiana Must Be Renewed
It’s that time of year again—when your Louisiana dealer bonds are set to expire. Different states have different expiration dates, as well as renewal periods, and in some instances, even different expiration and renewal dates within the same state for different types of licenses. Let’s not make this more confusing than it needs to be though. The important thing to know here is the all of your Louisiana auto dealer bonds expire on December 31st.
That means if you’re reading this now, you still have some time to take action and make sure that you remain in fully licensed, good standing. Louisiana’s end of year expiration for the bonds make it easy to close the book on one year and move ahead to the next calendar year.
It’s also basically required though for the way that the state breaks up its different bond requirements.
Consider that Louisiana separates their surety bond requirements into two main levels. These levels are based on total sales from the prior 12 month period. If your dealership sold 120 vehicles or less you are required to obtain a surety bond of $20,000. If your dealership sold more than that level, the bonding requirement is bumped up to $35,000.
So, when it’s time to renew a Louisiana dealer bond, it’s also time to check your sales and see which level you’re at and if that’s changed from the prior year. Many dealerships will be far away from that threshold so checking won’t really be necessary, but others may be a tighter call on a year in, year out basis.
Make sure you don’t let that expiration window pass you by. Call us at 407.272.1976 and we’ll quickly and easily handle your Louisiana auto dealer bond renewal for you, and answer any other questions that you may have.