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How Much Does a Nebraska Motor Vehicle Dealer or Motor Vehicle Auction Dealer Bond Cost?
The cost of a Nebraska motor vehicle dealer bond ranges from $500 to $5,000. An auction dealer bond costs between $1,000 and $10,000. However, you are not responsible for paying the bond’s full price.
Through an authorized Nebraska surety company, you can purchase your bond by paying a premium. The premium rate is from 1% to 10% based on your qualifications. Qualifying factors include credit scores, professional credentials and financial strength.
With a 700 or higher credit score, the bond premium rate is between 1% and 3%. A score between 600 and 699 qualifies for a 3% to 5% rate. The bond premium rate is 5% to 10% for a credit score of 599 or lower.
Surety Bond Cost Based on Credit Score |
||||
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
Nebraska Motor Vehicle Dealer Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
Nebraska Motor Vehicle Auction Dealer Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
How to Get a Nebraska Motor Vehicle Dealer or Auction Dealer Bond
1. Apply for Your Bond
The easy process of buying your Nebraska motor vehicle dealer bond or auction dealer bond begins when you fill out the online application. Over 99% of applicants qualify for the surety bond they need through our straightforward process.
Our new customer, George, needed a motor vehicle dealer bond to complete his license application. He applied for his bond in minutes and got an instant quote from us. After making the premium payment online, he got his bond via email and finished applying for his Nebraska dealer license.
2. Get a Quote
Our application asks for only essential information and can be completed in a few minutes. After submitting the application, you’ll get a free, instant quote for your new bond. If your application is more complicated, we will give you a quote within 48 hours.
3. Complete Your Purchase
Through our convenient online payment portal, you can pay your premium and finalize your purchase right away. Then, we’ll email your motor vehicle dealer or auction dealer bond to you. Upon request, we can send your bond via mail as well.
With more than 10 years of bond experience, our experts proudly provide a hassle-free setup process to our customers. Our supportive team is happy to assist with challenges and answer your questions. Contact us or call us at (877) 514-5146.
Motor Vehicle Dealer & Auction Dealer License Requirements in Nebraska
The Nebraska Motor Vehicle Industry Licensing Board processes all dealer license applications. The same license application and bond requirements apply for combination dealer licensing, trailer-only dealer licensing and motorcycle-only dealer licensing.
Requirements for licensing in Nebraska are established by the Nebraska Motor Vehicle Industry Licensing Act. Licensing and bond requirements are specifically defined under Nebraska Revised Statute 60-1401 et seq.
The motor vehicle dealer bond requirement is $50,000. The auction dealer bond requirement is $100,000. The obligee for both bonds is the Nebraska Motor Vehicle Industry Licensing Board. If the business entity is an LLC or corporation, the business must be registered with the Secretary of State.
Motor vehicle dealer and auction licenses expire at the end of each calendar year. They must be renewed prior to the expiration date to comply with state law.
How to Renew & Maintain Your Motor Vehicle Dealer or Auction Dealer Bond in Nebraska
Both types of bonds expire at the end of the license year and must be renewed to avoid a license suspension. Prior to the expiration date, we will contact you with renewal instructions.
The renewal premium amount must be paid before the new motor vehicle dealer or auction dealer bond is in effect. Your renewal payment can be made online.
What Happens If Someone Files a Claim in Nebraska?
If a claim is made against your business in Nebraska, the claimant will contact the surety company directly. After conducting a thorough investigation, the validity of the claim is determined. Unsubstantiated claims will be denied.
If the surety company validates the claim, it will pay the claimant the amount owed. The payment cannot be more than the penal sum of the bond. The Nebraska business is responsible for reimbursing the surety company for the full amount paid to the claimant.
How to Get Your Motor Vehicle Dealer and Auction Dealer License in Nebraska
Nebraska dealer licenses are processed by the Nebraska Motor Vehicle Industry Licensing Board. The process for how to get a Nebraska dealer license is straightforward. Documents required include:
- An application form
- A $50,000 surety bond for motor vehicle dealers or a $100,000 surety bond for auction dealers
- A franchise agreement (for new motor vehicle dealers)
- A zoning permit
- Photos of the commercial building and signage
- A listed business phone number
- Posted business hours
- Proof of property ownership or a copy of the lease agreement
- Service facility or agreement
- Certificate of Liability Insurance
- Workers’ compensation insurance
- License fee (required after application approval)
For more information, contact:
Nebraska Motor Vehicle Industry Licensing Board
301 Centennial Mall S.
Lincoln, NE 68509-4697
Phone: (402) 471-2148
Mailing address:
Nebraska Motor Vehicle Industry Licensing Board
P.O. Box 94697
Lincoln, NE 68509
It's FREE. No Obligations. Approval in Minutes.
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!