Among the many requirements for licensing a Delaware motor vehicle dealer bond is often but NOT always a requirement. Delaware law defines a “motor vehicle dealer” as, (a.) A person, corporation, partnership, proprietorship or any other legal entity who is in the business of buying, selling or exchanging during any 12-month period 5 or more vehicles; and/or, (b.) Any person, corporation, partnership, proprietorship or any other legal entity who offers to sell, sells, displays or permits the display for sale, of 5 or more vehicles within a 12-month period. The Delaware motor vehicle dealer bond is required where the dealer is subject to certain liabilities under Chapter 30 (§3005(b)). Wholesale dealers appear to be largely exempt. The bond obligation is a financial guarantee that the dealer will pay monies due to the state however it also functions as a license compliance bond. The Delaware auto dealer bond form states that it is for the benefit of consumers injured by any wrongful act, omission, default, fraud or misrepresentation by the retail seller in the course of conducting business as a motor vehicle dealer. The Delaware motor vehicle dealer bond must be written in the amount of twenty five thousand dollars ($25,000), run to the state and be delivered to Delaware Vehicle Services Division. Delaware surety leader, Surety One, Inc. offers motor vehicle dealer bonds all states where they are required for licensing. Our programs allow us to offer you bonding regardless of your credit and financial condition. Visit us at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email us at Underwriting@SuretyOne.com for an Connecticut motor vehicle bond application or for information on any surety bond need.
