Motor Vehicle Dealers in the State of Florida must be licensed. A Dealer is considered and individual or business that sells 3 or more car in one year.
The Categories of Regulatory Licenses are: Franchise, Independent (used car dealers), Wholesale, Auction, Mobel Home and Recreational Vehicles.
Applicants for a Franchise Dealer License must present a Sales/Service agreement, or Letter of Intent from the manufacturer or distributor. All dealers are required to submit fingerprints upon intial application for their dealer license. Independent Dealers are required to take a 16 hour/2 day Dealer Training Course. Licenses are renewed annually in person or by mail.
All Motor Vehicle dealers and Moble Home Dealers are required to provide a $25,000 MVD Dealer Surety Bond. Recreational Vehicle Dealers require a $10,000 Bond. For more the 4 additional lots, Moble Home Dealers require a $50,000 bond, and Recreationa Vehicle Dealers a $20,000.
Do to the legal language the State of Florida uses on their bond form, many sureties rufuse to write this bond making a standard market quote only possible for very strong applicants. Florida MVD's with a low credit scores, or public records on their personal credit report (Bankruptcy, Liens, Collection, or Civil Judgments) may find a difficult time getting bonded. Bryant Surety Bonds, Inc offers a Bad Credit Surety Bond Program that is specially tailored to your needs and can get you approved. This program is available for all bad credit Auto Dealers.
*Information for state licensing is provided as a guide, always verify with the state that the information is correct.