The Ohio Bureau of Motor Vehicles has proposed and the Attorney General's Office instituted an Ohio motor vehicle dealer bond requirement, which has been incorporated in the 2018 version of the used motor vehicle dealer application. Per the A.G., "If the dealer has been licensed as a motor vehicle dealer for less than three years in the state of Ohio, the dealer must post a surety bond of at least $25,000 with the Attorney General. Dealers who are unable to obtain a surety bond are not permitted to sell vehicles to which they do not hold title. New dealers who obtain a surety bond are not required to pay into the TDR Fund until the Attorney General performs another assessment."
It is important of a dealer to understand the TDR mechanism. Per the A.G., "The TDR Fund was created to maintain and administer refunds to retail purchasers of motor vehicles who suffer damages from motor vehicle dealers who fail to provide a valid certificate of title in the purchaser's name within the statutorily required period of time. For more information, see ORC 1345.52."
Ohio surety bond leader, Surety One, Inc. is available for same-day issue and delivery of your new or renewal dealer bond request. Our special programs allow us to offer you bonding regardless of credit and financial condition. Do you operate in multiple states? No problem! We offer motor vehicle dealer bonds in all states. (Click here for our MVD bond guide.) We also offer certificate of title bonds and lien release bonds needed in the course of your dealership operations. Contact us at (800) 373-2804, email Underwriting@SuretyOne.com or click here for a live chat for further information about an Ohio used auto dealer bond or other any other surety bond need.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.