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Ohio Auto Dealer Bond

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What is an Ohio Auto Dealer Bond?

Auto dealers in Ohio are required to get an auto dealer license. Part of the licensing process is securing an Ohio auto dealer bond which works to protect customers from illegal business practices. If an auto dealer does not fulfill its legal obligations when working with the public, a claim can be made against the bond to cover a customer’s financial losses or damages.

An Ohio auto dealer bond is a three-party contract. The auto dealership is known as the principal, and the obligee is the state licensing authority requiring the bond. A surety company provides the bond to the principal. An Ohio auto dealer bond is guaranteed by the surety company. Legitimate claims are paid by the surety first, and then the licensed auto dealer is required to repay the amount of the claim.

What Does an Ohio Auto Dealer Bond Cost?

Licensed auto dealers must have an Ohio auto dealer bond of either $20,000 or $25,000, depending on the type of dealership in operation. With either amount, however, an auto dealer does not need to pay the full bond amount to comply with state requirements. Only a percentage of the bond is required, typically ranging from 1 to 10%.

An Ohio auto dealer bond is priced based on the personal credit history of the auto dealer, as well as business financials and experience in the industry. Negative marks on your credit report, including judgments, liens, or bankruptcy, indicate you are a higher risk to the surety company. To help offset this risk, the percentage of your Ohio auto dealer bond is higher than for someone with excellent or good credit.

How Do I Get an Ohio Auto Dealer Bond?

You can get an Ohio auto dealer bond by submitting a brief form online. The process starts with an initial quote based on the factors listed above. You then submit an application with the surety company and pay for your Ohio auto dealer bond once approved.


Frequent Questions

What does an auto dealer bond cost?

Costs are a percentage of the auto dealer bond amount that's required of you, which is based on your personal credit. Use our bond pricing tool to get a quick ballpark estimate.

Can I get a bond with bad credit?

Yes. You can get you approved for a bond regardless of your credit situation. However, the price will increase. You can apply to get an instant approval. As the largest writer of surety bonds in the U.S., we have access to high risk markets that many other agencies do not.

How long does the application take?

It only takes minutes, as we can approve you for your bond instantly online. You can get a no obligation quote on our website at any time.

Can I get auto dealer bond insurance to protect myself?

No. An auto dealer bond does not protect you, it protects the public. However, you can protect yourself or your customers by getting fidelity bonds.


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Jennifer Henson
Our company has been with JW Surety for several years now so when we needed to obtain a bond for a new company, we immediately went to them for help. Our rep, Melissa, was extremely helpful and prompt which made the process extremely easy for me.
David Tillotson
Trying to get a local Surety Bond was like driving a car on three tires. I searched Surety Bonds and found JW Surety Bonds. I got online and filled out the information and with in 30 minutes received a response from Melissa. She was informative, friendly and helpful. One more super satisfied customer.

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