This surety bond guarantees that the licensed dealer is in compliance with The Division of Motorist Services under Section 320.27 Florida Statutes. The bond protects consumers from fraud or misrepresentation by the car dealer. This bond can cost your business as little as $175 per year.
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Requirements to Obtain a Florida Motor Vehicle Dealer License
- Completed Application for a License as a Motor Vehicle, Mobile Home or Recreational Vehicle Dealer (Form HSMV 86056).
- $25,000 Florida Surety Bond Motor Vehicle Dealer (Form HSMV 86020) or an Irrevocable Letter of Credit Motor Vehicle Dealer (Form HSMV 86057).
- Garage liability insurance.
- Copy of business lease or proof of ownership of location.
- Approval (by DMV representative) of dealership location.
- Certificate proving completed dealer training seminar.
- Business documents (copies of corporate agreement, fictitious trade name registration, sales tax number, federal employee ID number).