In addition to fulfilling the listed requirements, you need to cover the Commission’s licensing fees. The two-year company license costs $400, while the salesperson license is $25 per year. The licensing period runs for two years.
To obtain a Louisiana auto dealer bond
In order to obtain a Louisiana dealer license, you have to provide a surety bond. Used car dealers have to obtain a $50,000 bond, while new car dealers have to meet a $20,000 bond requirement. Apply Now for a Free Dealer Bond Quote
The purpose of the auto dealer bond is to safeguard the interests of your customers against potentially illegal activities you may engage in as a car dealer. In order to get bonded, you need to cover a small fraction of the required bond amount. For auto dealers with stable finances and a good credit score, the typical rates are in the range of 1% to 5% depending on your credit history. Your exact bond cost is set once you provide full information about your personal and business finances.