Mississippi Auto Dealer Bond$25,000 New / $15,000 Used

Mississippi regulates new and used dealers under separate agencies. New vehicle dealers are licensed by the Mississippi Motor Vehicle Commission (MMVC) and need a $25,000 corporate surety bond under §63-17-75. Used and wholesale dealers are licensed by the Mississippi Department of Revenue (DOR) Motor Vehicle Licensing Bureau and need a $15,000 Bond of Designated Agent. The split reflects the different regulatory frameworks for franchise dealers vs. independent used car dealers.

For the $15,000 used dealer bond, expect $150-$1,500 annually (1-10% of the bond amount). For the $25,000 new dealer bond, expect $250-$2,500 annually. With excellent credit (750+), used dealer bonds start around $150 and new dealer bonds around $250.

Mississippi requires all new dealer license applicants (both new and used vehicle dealers) to complete an 8-hour pre-licensing education seminar. The Mississippi Independent Auto Dealers Association (MIADA) hosts these seminars at a cost of $395 per attendee. The seminar covers Mississippi motor vehicle laws, title procedures, consumer protection requirements, and dealership operations.

The Mississippi Motor Vehicle Commission holds monthly board meetings on the third Wednesday of each month. Completed application packets for new vehicle dealer licenses must be submitted by the Friday before the board meeting to be considered. This means applications have a specific monthly deadline, unlike used dealer applications which are processed on a rolling basis by the DOR.

Yes. Mississippi §63-17-75 allows new vehicle dealers applying for licenses at multiple locations to provide a single $100,000 corporate surety bond covering all licensed locations, instead of separate $25,000 bonds for each location. This can be more cost-effective for dealers operating several franchise locations across the state.

All Mississippi dealer licenses expire on October 31st of each year, regardless of when the license was originally issued. Renewals open on November 1st each year. Your surety bond must remain active through the full license period. Late renewal can result in penalties and the need to reapply as a new applicant.

The Bond of Designated Agent is the specific $15,000 surety bond required for used and wholesale motor vehicle dealers licensed through the Mississippi Department of Revenue. It guarantees that the designated agent (the dealer) complies with all regulations in the Mississippi Motor Vehicle Title Act and conducts business in an ethical and lawful manner. The original signed bond must be submitted with your DOR application.

Yes, we secure Mississippi dealer bonds for all credit situations. For the $15,000 used dealer bond, even applicants with lower credit scores can often obtain approval, as the smaller bond amount reduces the surety's risk. Approval is possible even with credit challenges. Rates vary but approval is typically possible.