Any person applying for a Class A (New Vehicle Dealer), Class B (Used Vehicle Dealer), or Class D (Vehicle Broker) license in Michigan. Required when: Application for a new or renewal vehicle dealer license for Class A, B, or D. Exemptions: Class C (Used Vehicle Parts Dealer), Class E (Distressed Vehicle Transporter),…
Overview
What it is.
Any person applying for a Class A (New Vehicle Dealer), Class B (Used Vehicle Dealer), or Class D (Vehicle Broker) license in Michigan. Required when: Application for a new or renewal vehicle dealer license for Class A, B, or D. Exemptions: Class C (Used Vehicle Parts Dealer), Class E (Distressed Vehicle Transporter),…
Who usually needs it
Any person applying for a Class A (New Vehicle Dealer), Class B (Used Vehicle Dealer), or Class D (Vehicle Broker) license in Michigan.
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.
StateMIBond amount$25,000Term lengthContinuousObligeeMichigan Department of StateRenewalThe bond remains in effect continuously until canceled by the surety. The licensee must ensure the bond is active and pay annual premiums to the surety company to maintain the license.Bond classLicense BondCategoryMotor VehicleBondUniform Vehicle Dealer Surety BondStatutory referenceMCL 257.248(10)JurisdictionState
