New motor vehicle dealers (franchise dealers) selling new vehicles on behalf of a franchise. Required when: Applying for a new motor vehicle dealer license. Exemptions: Used and wholesale motor vehicle dealers are exempt from this specific bond but must obtain a $15,000 Bond of Designated Agent required by the Mississ…
Overview
What it is.
New motor vehicle dealers (franchise dealers) selling new vehicles on behalf of a franchise. Required when: Applying for a new motor vehicle dealer license. Exemptions: Used and wholesale motor vehicle dealers are exempt from this specific bond but must obtain a $15,000 Bond of Designated Agent required by the Mississ…
Who usually needs it
New motor vehicle dealers (franchise dealers) selling new vehicles on behalf of a franchise.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateMSBond amount$25,000Term lengthAnnualObligeeMississippi Motor Vehicle CommissionRenewalThe bond must be renewed annually in conjunction with the dealer license; renewal applications typically open on November 1st of each year.Bond classLicense BondCategoryMotor VehicleBondBond of New Motor Vehicle DealerStatutory referenceMississippi Code Section 63-17-75JurisdictionState
