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First, it's crucial to understand that every state is going to differ. They will have their own mandates for what is required, and to what degree, and how it's all managed and regulated. That's why it's so important to pay attention to your local regulations, and not worry about what you read some guy is doing half the country away, because it doesn't apply to you.
That said, while regulations change, you are always going to be legally required to have your motor vehicle bond. This a basic tenant of operating your dealership. What will change about it is the minimum amount you need, whether it's $25,000, $35,000, $50,000, or a different minimum value.
Also differing will be how long it's valid for, as well as when it's due to expire and be renewed. Along with that, dealerships selling different types of vehicles, or even different volumes of vehicles, may have different bonding requirements.
For garage liability, this may or may not be an actual legal requirement for your dealership. Certain states do make this a mandate, you need to have this form of coverage, and again, the regulations will vary in terms of minimum policy levels. In other states, it won't be a strict mandate, or there may be a similar replacement, such as vehicle liability insurance coverage.
However, even in states that do not make this type of insurance a requirement in order to have your license, it's still absolutely essential to have. You don't want to be caught off guard without this one.
On top of motor vehicle dealer bonds and garage liability insurance, there may be other requirements for your dealership as well. This should all be hashed out within the application, and may include anything from background check to verification of a physical business location and contact information.
Be sure to consult with an experienced professional who can guide you through the requirements or your state. This way, you'll be fully protected, you will be able to get your dealership license without issue, and then will be able to continually, swiftly renew it and keep your business in good standing.
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