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Maine Bureau of Motor Vehicles Auto Dealer Bond

The Maine Bureau of Motor Vehicles has changed the bond amounts required for
Motor Vehicle Dealer bonds: Motor Vehicle Dealer Bonds are required for all
dealers except for light trailer dealers and light boat trailer dealers. Bond amount is
established by the number of vehicles sold by the dealership:

Annual sales 0 to 50 vehicles will now require a $25,000 bond.

Annual sales 51 to 100 vehicles will now require a $50,000 bond.

Annual sales 101 to 150 vehicles will now require a $75,000 bond.

Annual sales 151 to 200 vehicles will now require a $100,000 bond.

Annual sales 201 vehicles and over will now require a $100,000 maximum bond.

What are Surety Bonds?

A Surety Bond is a written agreement that usually provides for financial compensation in case the principal fails in their duties or promises. A Surety bond is a specialized type of insurance that is created whenever one party guarantees an obligation by another party.

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Maine Bureau of Motor Vehicles Auto Dealer Bond

Effective November 1, 2017, the Maine Bureau of Motor Vehicles has changed the bond amounts required for Motor Vehicle Dealer bonds: Motor Vehicle Dealer Bonds are required for all dealers except light trailer and light boat trailer dealers.