The Department Of The Secretary Of State – Bureau Of Motor Vehicles (BMV) regulates and licenses motor vehicle dealers in the state of Maine. As part of their licensing requirements, dealers are required to submit a surety bond to the BMV. Bond amounts vary and are based on the prior year’s sales:
- $25,000 – 0 to 50 sales
- $50,000 – 51 to 100 sales
- $75,000 – 101 to 150 sales
- $100,000 – 151 sales and over
Maine motor vehicle dealer bonds guarantee the title and mileage on any vehicle sold by the business, and ensures that the principal complies with all regulations set forth in the Maine Revised Statutes, Title 29 – Chapter 9. This surety bond can either run concurrently with the motor vehicle dealer license and be continued with a continuation certificate executed by the surety, or can be continuous and will remain in effect until canceled by the surety.
Pacific Surety is proud to offer industry low rates and quick turnaround time for quoting for Maine Motor Vehicle Dealer Bonds. Feel free to complete our simple application to obtain an approval within hours.