1. Start Your Application
2. Receive Your Free Quote
3. Buy Your Surety Bond
How Much Does an Ohio Auto Dealer Bond Cost?
The required Ohio auto dealer bond established by state law is $25,000. To obtain and renew an Ohio dealer license, you must comply with the surety bond requirement.
However, you don’t need to pay the full bond amount to maintain compliance. Instead, you can purchase a bond from a surety company and pay the annual premium. The premium ranges from $250 to $2,500.
Your bond premium is strongly based on your credit score, and the best rates are available for those with a 700 score or higher. Other factors also impact your premium rate. These include your liquid, your fixed assets and your company’s financials.
Both new and used auto dealers are required to meet the Ohio’s surety bond requirement. Its purpose is to protect your customers against title issues and other legal matters.
Surety Bond Cost Based on Credit Score |
||||
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
Ohio Auto Dealer Bond |
$25,000 |
$250 - $750 |
$750 - $1250 |
$1250 - $2500 |
How to Get an Ohio Auto Dealer Bond
1. Apply for Your Surety Bond
If your Ohio auto dealership sells more than five vehicles over a 12-month period, you must be properly bonded. We make it fast and easy to apply for your auto dealer bond in Ohio. It only takes a few minutes to complete the online application.
Carlos contacted us about getting a bond for his new car dealership in Columbus. He instantly got a quote for his bond premium by completing the application online. Our team supported him through the rest of the bonding process, and he completed the rest of the license application quickly.
2. Review Your Quote
After submitting the online application for your Ohio auto dealer bond, you’ll receive a free, no-obligation quote from us. We offer a variety of bond programs, enabling us to bond 99% of applicants quickly and with competitive rates.
If you have a lower credit score, we can consider strong financials or significant assets to help you get a good rate. We review these situations on a case-by-case basis.
3. Buy Your Bond
The last step required to set up your Ohio auto dealer bond is to make your purchase. Pay your annual premium and your bond will be effective in two days or less.
You’ll receive the bond via email as soon as it is available. We can also provide the paper bond to you by mail upon request.
Auto Dealer Bond Requirements in Ohio
New and used auto dealerships in Ohio that sell five or more vehicles over a 12-month period must be bonded. A dealership is not required to hold separate bonds if it sells new and used vehicles. The bond requirements are established by Chapter 4501:1-3-11 of the Ohio Administrative Code.
The business name listed on the surety bond must be identical to the business name listed with the Secretary of State and the Bureau of Motor Vehicles. The original bond in the amount of $25,000 will be posted to the Ohio Attorney General’s Office.
The state requires dealerships to maintain the bond while the license is in effect. If you intend to cancel the bond, you must notify the Attorney General’s Office at least 30 days prior to the cancellation. Changes to the bond and renewals also must be reported.
If the bond is not maintained for the life of the license, the Motor Vehicle Dealers Board will be notified. The Board may revoke or suspend the dealership’s license.
How to Renew and Maintain Your Motor Vehicle Bond in Ohio
In Ohio, auto dealerships must renew their bond every 12 months. We will notify you as the renewal date approaches. At that time, you will receive an updated bond premium. Once the premium is paid, the bond is renewed.
What Happens If Someone Files a Claim in Ohio?
When a claimant files a claim on a bond, they do so directly with the surety company. The surety then undertakes an investigation to determine the validity of the claim. If the surety finds the claim to be valid, it will pay the claimant up to the bond's penal sum. After making this payment, the principal (the individual or entity that purchased the bond) is responsible for reimbursing the surety for the amount paid to the claimant. This process ensures that valid claims are compensated while holding the principal accountable for any breaches that led to the claim.
How to Get Your Auto Dealer License in Ohio
To apply for an Ohio auto dealer license, you must provide proof of your bond and meet the state’s other licensing requirements. The following information should be sent to Ohio Dealer Licensing:
· Business entity formation documents, Employer ID Number, Ohio tax registration and vendor number
· Information about each owner, partner and principal officer along with their criminal history records
· Zoning compliance documentation
· Business location compliance documentation
· Business location photos
· Dealer training course Certificate of Completion dated within the last six months, applicable only for a used car dealership license
· Statement of Manufacturer / Distributor Franchise
· Financial documentation proving a net worth of at least $75,000
· New Vehicle Dealer or Used Vehicle Dealer application form
Submit licensing documentation to:
Ohio Department of Public Safety
Bureau of Motor Vehicles
1970 West Broad Street
Columbus, OH 43223
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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!