In North Carolina, if you sell more than 5 cars within the last 12 months, you must get a $50,000 auto dealer bond as required by the North Carolina Department of Transportation, Division of Motor Vehicles. North Carolina is unique in that a bond is required for each location. The aforementioned $50,000 bond covers the dealer’s primary location, and a separate $25,000 bond is required for each additional location. This requirement applies to both new and used auto dealers and is outlined in the North Carolina General Statutes. Our team is well-versed in helping dealers obtain auto dealer bonds in North Carolina. To receive a quick quote, please fill out our three minute form to get started.
Our prices for the $50,000 North Carolina auto dealer bond start at $220 for one year. $25,000 bonds for additional locations start at $110 for a 1 year bond. The bond lasts until December 31 each year. If you apply for the bond after the year has started, we'll adjust the price based on how long the year has gone. For example, if you apply halfway through the year, we'll charge you half the price. When the new year comes, you can renew the bond with us at the full price. If your credit score is good, you'll get a lower price for the bond. Some dealers might also get discounts based on their work experience.
In North Carolina, you only need to get the $50,000 auto dealer bond to become a licensed used or new auto dealer. You don't need any other bonds.
To get a quote for a North Carolina auto dealer bond, you need to undergo a SSN based credit check, but it won't affect your credit score. Insurance companies use a "soft" credit check to verify your eligibility and set the bond's price, which doesn't harm your credit score.
We work with insurance companies that specialize in providing bonds to people with credit scores under 650, which may be classified as "poor" credit. If you have less-than-ideal credit, don't worry. We'll search for a bond with our specialized carriers to help you get bonded. We have helped many individuals with imperfect credit obtain North Carolina auto dealer bonds.
We try to return the bond to our customers on the same day, and that is usually the case. Unless there are problems with credit scores or previous bond claims, our usual turnaround time is 3 hours. We work hard to make the bonding process fast, even on weekends. Our office hours are every day from Monday to Saturday, from 9:30 am to 7 pm CST. On Sunday, we have reduced hours from 11:30 am to 7 pm CST. If you contact us early in the day to get your bond, we will most likely be able to return it to you on the same day.
To prevent bond claims, it's essential to follow the state of North Carolina's guidelines. You should conduct your auto dealer business with honesty and transparency, always keeping the customer's best interests in mind. This means paying all fees and taxes related to vehicle sales correctly and providing valid car titles to your customers.
Yes, in North Carolina, the auto dealer bond expires on December 31st every year. You need to renew your bond every year before it expires. If you get your bond through us, we'll remind you when it's time to renew. Lastly, if you get the bond into the year, we will prorate your pricing according to your bond start date relative to the start of the year.
After your bond is approved, we'll send you an email with a PDF copy of the bond as evidence that you are bonded. We also keep copies of the bond in case it gets lost. If you need another copy, just give us a call and we'll send it to you.
