Each state typically has their own regulations or requirements for auto dealer bonds. Therefore, it's essential to stay up to date and fully informed with what is needed in the state you're doing business in. In this guide, we'll showcase the information specific to Georgia auto dealer bonds to help keep your business in good standing.
One of the primary areas of concern for any auto dealer bond is how much you actually have to get the bond for, as a minimum. In the state of Georgia, the minimum amount is $ 35,000. This is fairly typical, it's not the lowest threshold, but it's certainly not the highest either, so it's a good medium point. Certain states have $ 50,000 requirements, as an example, so this is certainly a more reasonable figure to begin with.
Another unique area for Georgia motor vehicle dealer bonds is that they are good for two years at a time. This is opposed to most states who have annual renewal periods.
This makes things a little bit more hassle-free for you, as you'll only have to deal with renewal half as often. Specifically, bonds are always set to expire in even-numbered years. That does mean that if you get a bond for a dealership for the first time, and it's an even-numbered year, then your initial period will only last for one year rather than two, until you're on the typical cycle.
With that annual-cycle clarified, there's actually an exact date of expiration as well. Georgia auto dealer bonds must be set to expire on March 31st, while adhering to the two year, even-numbered process outlined above.
Auto dealerships in Georgia may still have other requirements that need to fulfill in order to get their license, or to maintain it over time. This includes the application process itself and all of the logistic details which that requires, such as submitting to a criminal background check. You'll also need to obtain garage liability insurance for your dealership in almost all cases.
Hopefully you've learned a little bit about the specific requirements for auto dealer surety bonds in Georgia. It's always best to consult with a professional who has experience working within your state to help guide you through the process. You never want to accidentally overlook any important details or steps, or be taken off guard, and a licensed pro can help you quickly and easily take care of every requirement.