Oklahoma Used Motor Vehicle Dealer License Bond
In the State of Oklahoma, each applicant for a used motor vehicle dealer’s license, used motor vehicle auction license, wholesale used motor vehicle dealer's license or for the purpose of conducting a used motor vehicle business which will consist primarily of non-auction consignment sales shall procure and file with the Oklahoma Used Motor Vehicle and Parts Commission (UMVPC) a good and sufficient surety bond in the amount required by law ( Title 765 Oklahoma Used Motor Vehicle and Parts Commission Statutes). The bond shall be approved as to form by the Attorney General. The bond form shall contain provisions relating to the bond amount, parties responsible for payment of bond claims, parties who may make claims on bonds and priorities of claimants, if applicable." Additionally a salvage pool or salvage disposal sales shall be required to obtain and maintain the used motor vehicle dealer surety bond required for a used motor vehicle auction license. Oklahoma Motor Vehicle Dealer License Bond and license renewals issued under the provisions of the Commission's statutory authority shall expire on the 31st day of December of the odd numbered year, following the date of issue.
Who is required to secure an Oklahoma Motor Vehicle Dealer License Bond and what do they cost?
There are 4 separate categories of licenses that require a bond:
|Bond Type||Required Bond Amount||Base premium (for qualifying accounts*) for 2 year term|
|Used Motor Vehicle Dealer Bond||$25,000||$175|
|Used Motor Vehicle Auctioneer (Dealer) Bond||$50,000||$350|
|Wholesale Used Motor Vehicle Dealer Bond||$25,000||$175|
|Motor Vehicle Rebuilder's Bond||$15,000||$350|
*As with any type of surety bond, approvals are based upon the personal credit of the applicants. For accounts with credit issues, we can offer approvals through our non standard surety bond programs.
Dealers wanting to get licensed in Oklahoma should review the State of Oklahoma Used Motor Vehicle and Parts Commissions website for qualifications and requirements.