2016 Florida Auto Dealer License and Bond Renewal Deadline Approaching!
Auto dealers in Florida, don’t forget it’s time for your license and Florida dealer bond renewal. The April 30th Florida auto dealer license renewal deadline is approaching fast, so it is a good time to get the process underway. Have a look below for all the details concerning the renewal process.
Renewing Your Florida Dealer License
All motor vehicle dealers in Florida are licensed and regulated by the Division of Motorist Services at the Florida Department of Highway Safety and Motor Vehicles.
Licenses for independent motor vehicle dealers (VI), wholesale motor vehicle dealers (VW), motor vehicle auction (VA) and salvage motor vehicle dealers (SD) all run out on April 30th 2016.
In order to renew your license you must submit the Florida auto dealer license renewal application (HSMV 86720) to the regional office of the division, which is responsible for your dealership. Check with the list of regional offices to see which one applies to you.
The renewal fee for your auto dealer license is $75 if you apply before the deadline. If you apply late, you will have to pay an additional penalty fee of $100. You can also renew your license for two years at a time, in which case you have to pay a renewal fee of $150.
Further things to include during the renewal application process are a Garage Liability insurance as well as a Florida auto dealer bond.
Renewing Your Florida Dealer Bond
This is a very important part of the license renewal process. The total amount of the bond is $25,000 but auto dealers only pay a premium, which is a small fraction of this sum. Check out our guide related to surety bond costs to get a more complete picture of how surety pricing works.
If you are searching for a new bond provider or are interested in reducing your bond premium, Lance Surety Bonds can help you. We work with an extensive network surety bond companies, giving us access to exclusive rates on all surety bonds.
To find out just how much you can reduce your bond premium, you can apply online and receive a free quote in a matter of minutes. If you have any additional questions regarding your Florida dealer bond renewal, you can always call one of our surety bond experts at (877) 514-5146 and they will help you out.