Everything You Need to Know about Used Car Dealer Bonds in Florida

If you’re a Florida motor vehicle dealer, then you need the correct licensing and bonds. Right here, you’ll find a guide to Florida auto dealer bonds for used car dealers to help you get started with the process, and answer any lingering questions you may have about the specifics.

First, keep in mind there are different types of licenses for a Florida motor vehicle dealer, and different requirements for each. For a used car dealer in Florida, you could be classified as an Independent Dealer (VI), which allows you to sell used motor vehicles only, or as a Franchise Dealer (VF), which allows you to sell both new and used vehicles.

Of course, if you’re interested in other types of used vehicles, you’ll need different licensure. For instance:

  • Used Recreational Vehicle Dealer (RU) licensee who may sell only used recreational vehicles
  • Mobile Home Broker license, which allows the licensee to sell used mobile homes.
  • Mobile Home Dealer license allows licensee to sell new or used mobile homes.

Both Franchise Dealer and Independent Dealer licensees have a requirement for Florida auto dealer surety bonds for $25,0000. However, each of these two licenses have different expiration dates for the Florida car dealer surety bond they utilize. Independent Dealers have an expiration date of April 30, while Franchise Dealers have an expiration date of December 31.

Used Recreational Vehicle Dealer licenses only require a $10,000 coverage for Florida dealer bond insurance, whereas Mobile Home Dealers have $25,0000.

RU licenses have a September 30 expiration date.

Also, keep in mind that your Florida dear bond insurance is one major piece of the puzzle for what you need to obtain and maintain your license. But there are other steps in the process as well.

We can help guide you through the entire process and each step involved, but some of the major requirements include garage liability insurance, completing the proper paperwork and paying the fees, having a federal employer ID number, fingerprinting, pre-license training, and more.

Hopefully you know a little bit more about obtaining a Florida used car dealer surety bond. Remember that different licenses have different bond minimums, and different expiration dates on those bonds as well.

Ready to get started with Florida dealer bond insurance for used car dealerships? Call ACI today at 407.889.2612 or contact us online, and we’ll provide you with a free consultation to help get you started with the Florida auto dealer bonds you need.

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