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Wyoming Auto Dealer Bond

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What Is a Wyoming Auto Dealer Bond?

Auto dealers in the state of Wyoming need a valid license. One crucial component of the licensing process is posting a Wyoming auto dealer bond. This type of surety bond protects the public and the state if the auto dealer fails to comply with current laws and regulations involving the operation of the dealership.

A customer of an auto dealer or the state's licensing authority can make a claim against a Wyoming auto dealer bond if legal obligations or requirements are not met by the dealer. Claims can be a costly endeavor for the auto dealer, so having an auto dealer bond reduces the potential for fraudulent or otherwise illegal business practices.

How Does a Wyoming Auto Dealer Bond Work?

Like other surety bonds, a Wyoming auto dealer bond represents a three-party contract.

The Obligee

The obligee of the bond is the state department responsible for overseeing auto dealers.

The Principal

The auto dealer is required to secure the bond for licensing purposes, and they are known as the principal of the bond.

The Surety

The surety company provides the bond to the auto dealer. They also pay for claims made on the bond and then wait for the auto dealer to repay them.

Wyoming Auto Dealer Bond Obligee Details

The auto dealer bond obligee in Wyoming is as follows:

Wyoming Department of Transportation

Motor Vehicle Services

5300 Bishop Boulevard

Cheyenne, Wyoming 82009

Phone: 307-777-3815

Who Needs a Wyoming Auto Dealer Bond?

In Wyoming, any individual or business engaging in the sale, exchange, or purchase of certain motor vehicles is an auto dealer and must have a license. New and used auto dealers, along with motorhome and truck dealers, must have a Wyoming auto dealer bond to fulfill licensing requirements.

How Do You Get a Wyoming Auto Dealer Bond?

To get a Wyoming auto dealer bond, a brief application process must be completed. This is done through a short online form that includes information regarding the bond amount, bond type, and financial history of the auto dealer.

The surety company provides a bond quote based on these details and gives the details necessary to finalize the bonding process.

How Much Does a Wyoming Auto Dealer Bond Cost?

The cost of a Wyoming auto dealer bond depends on both the amount of the bond required by state law and the financial standing of the auto dealer. Any auto dealer that requires a license must post an auto dealer bond of no less than $25,000, but this bond amount does not represent the cost of the bond.

The surety company that issues a Wyoming auto dealer bond calculates the cost as a percentage of the total bond amount, known as the bond premium. Wyoming auto dealers typically pay between 1 and 10 percent of the bond total, depending on their credit history.

Can I Get a Wyoming Auto Dealer Bond with Bad Credit?

Auto dealers with a strong financial standing have a bond premium that falls on the lower end of this range. If you have bad credit, you can get a bond, but you’ll likely pay a higher bond premium.

How Do I Renew My Wyoming Auto Dealer Bond?

All Wyoming auto dealer bonds expire one year from the date of issue, so it is necessary to renew the bond to stay in compliance. Renewing your bond is hassle-free, because you’ll receive reminders each year from your surety company.

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 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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About JW Surety Bonds
We are a family owned and operated agency established in 2003. We started with just two people, and grew to become the largest volume bond producer in the nation with 50+ employees. Since day one, our team focus has been on providing real-time online quotes, an easy process, and the best in claims defense. Learn more about our company.