If you sell 8 or more vehicles in the state of Missouri, then you will need to be licensed as a motor vehicle dealer by the state. As part of that process, you will need to obtain a $50,000 Missouri Motor Vehicle Dealer bond. This is required by the Missouri Department of Revenue, Motor Vehicle Bureau, and specified in the Missouri Revised Statutes Section 301.560. We’ve helped many auto dealers get licensed and bonded in Missouri. Get started with SuretyNow today to get your bond - get started with our 3 minute form below and get an instant quote.
Our rates for the $50,000 Missouri Vehicle Dealer Bond starts at $242 for a 1 year bond. The price of the bond is based on an applicant’s score. If you have a high credit score, you may get a lower bond price. Some dealers may also get discounts based on their work experience. We work with over 10 insurance partners to find the best prices for you. If you find a better quote somewhere else, let us know, and we'll most likely match it. Our goal is to provide the best prices in the industry.
Yes, there is a separate $50,000 bond for dealers of trailers, powersport vehicles or boats. The minimum requirement for this bond is slightly different, as it’s only required if the dealer sells 6 or more vehicles in a given year (vs. 8 for the car motor vehicle dealer bond).
We offer this type of bond as well, and prices start at $250. If you need this bond, you can pick it from the “Specific Bond” dropdown when going through the quote process for a Missouri auto dealer bond.
Yes, but it won't impact your credit score. When you apply for an Missouri auto dealer bond, insurance companies will check your credit to determine eligibility and rates. This type of credit check is called a "soft" credit check, and it doesn't negatively affect your credit score in any way.
The Missouri auto dealer bond exists to protect auto buyers against malpractices in the auto dealer industry. The most common issue the bond protects against is invalid titles after purchase. In such scenarios, the buyer could make a claim against the auto dealer’s bond to be compensated.
To reduce the likelihood of bond claims, it's essential to comply with the auto dealer guidelines established by the state of Missouri. This mainly involves conducting business honestly and transparently, with a focus on prioritizing the customer's best interests. Specifically, this means ensuring that all fees and taxes related to vehicle sales are paid correctly, and that customers receive valid car titles. When you submit your bond, you're confirming your commitment to fulfilling all legal obligations associated with running an auto dealer business in Missouri.
The bond can be acquired the same day within hours if there are no complications with underwriting. Once we receive a quote from our insurance partners, your pricing is set, and the process can be completed immediately. We are the only surety agency to work on weekends, and we do this to ensure a quick bonding process. Our work hours are Monday to Saturday from 9:30 am to 7 pm CST, and on Sunday, our hours are from 11:30 am to 7 pm CST.
Credit scores under 650 are sometimes classified as "poor" credit. We have partnerships with insurance companies that specialize in providing coverage to this market segment. If you have less than ideal credit,just let us know. We'll assist you in getting bonded by searching on your behalf with our specialized carriers. Our team has helped many individuals with imperfect credit obtain Arizona auto dealer bonds.
The price of a Missouri dealer bond is determined by various factors, including the applicant's credit score, dealer experience, and the insurance provider. Usually, the credit score carries the most weight, followed by the insurance company. We collaborate with more than 10 insurance companies that provide competitive pricing to give our clients the most favorable rates. As previously mentioned, if you happen to find a better deal elsewhere, please inform us, and we'll strive to match it. Our goal is to provide our clients with the most affordable options available.