Mississippi Motor Vehicle Dealer Bond
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How much does a Mississippi motor vehicle dealer bond cost?
Mississippi auto dealer bond costs vary depending on the number of franchise dealership locations you operate. Your exact premium will be provided after a quick application review.
- A single franchise dealership location requires a $25,000 bond with annual premiums starting at $250.
- Multiple franchise dealership locations require a $100,000 bond with annual premiums starting at $1,000.
Mississippi motor vehicle bonds are only required for licensees who sell NEW vehicles on behalf of a franchise. If you've been told you need a $15,000 dealer bond, you need a separate Mississippi designated agent bond.
How do I apply for a Mississippi auto dealer bond?
You can apply for your free Mississippi auto dealer bond quote online 24/7. Simply select your bond amount and provide the following information for Motor Vehicle Commission approval.
- dealer/dealership name
- dealership location address
- dealership county
- car manufacturer franchise affiliation
Once your order is processed, you'll receive your official auto dealer surety bond by email.
How fast can I get a new vehicle dealer bond?
Our industry-leading technology and responsive customer service team allow us to offer free quotes and deliver your official Mississippi new vehicle dealer bond faster than any other surety provider. Orders placed by 4 PM CST Monday-Friday are typically processed with same-day delivery by email.
If you have questions about the Mississippi new vehicle dealer bond or your application, call 1 (800) 308-4358 to speak with a friendly surety expert. We're here to guide you through the new dealer bond process so you can get back to running your business.
What is a Mississippi motor vehicle dealer bond?
Mississippi Code Section 63-17-75 requires new motor vehicle dealer license applicants to file a surety bond before being authorized to sell vehicles on behalf of franchises. The state's official form is titled the “Bond of New Motor Vehicle Dealer,” but it's also known as a "motor vehicle dealer bond" or “auto dealer bond." The bond form specifically requires a licensed franchise dealer to comply with the conditions of any written contract made during a motor vehicle sale or exchange. The bond amount is $25,000 for dealers with a single franchise location or $100,000 for dealers with multiple franchise locations.
The state enforces a similar, but different, $15,000 surety bond requirement for dealers appointed to represent the State Tax Commission. To be appointed as a designated agent, you must purchase and file the separate Mississippi designated agent bond.
Why do dealers need a new vehicle dealer bond?
By filing a franchised dealer bond, an individual agrees to operate their business according to Mississippi Code Section 63-17-75. If they fail to do so, the bond protects harmed individuals from financial loss resulting from the car dealer's noncompliance. The surety company will pay valid claims up to the full bond amount, which the bonded franchise dealer must then reimburse.
Who regulates licensing for new franchised vehicle dealers?
The Mississippi Motor Vehicle Commission enforces licensing requirements and reviews applications for new franchised motor vehicle dealers. You can contact the MVC by phone at 1 (601) 987-3995 or by email at [email protected].
What are the new dealer license types in Mississippi?
The following are the dealership types available in the state.
- New Motor Vehicle Dealership
- New RV Dealership
- New Motorcycle/Scooters Dealership
- New Specialty Vehicle Sales
- New Bus Sales
How do I update or change my auto dealer surety bond documentation?
If the MMVC requires you to make any changes to your bond documentation, contact your surety bond company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change.
The most common changes requested for this bond include:
- dealer/dealership name
- dealership location address
- dealership county
How do I renew my Mississippi motor vehicle dealer bond?
You should renew your Mississippi car dealer bond before its current 1-year term expires. Once you pay your SuretyBonds.com renewal invoice, renewal instructions will be emailed to you.
How do I become a licensed franchised auto dealer in Mississippi?
You'll need to provide the following to apply as a new licensed motor vehicle dealer authorized to sell vehicles on behalf of franchises.
- Initial Dealer Application
- Mississippi surety bond in the correct required amount
- franchise agreement for each make
- $100 business license fee
- $10 salesperson fee and individual application(s)
- bank affiliate's name and bank officer's name and phone number
- biography for every principal of the business
- latest financial statement copy, preferably CPA certified
- labeled dealership facility photos or sketches
- manufacturer's area marketing analysis (only motor vehicle dealers)
Mail your complete application with all required supporting documentation to the MVC for review.
Mississippi Motor Vehicle Commission
1755 Lelia Drive
Suite 200
Jackson, MS 39216
The MVC reviews applications at their monthly board meeting held the third Wednesday each month. Completed application packets must be submitted by the Friday before the board meeting for consideration.
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
