What is the surety bond amount required for new and used motor vehicle dealers?

The surety bond amount required for new and used motor vehicle dealers in Colorado is set at $50,000. This bond serves as a financial guarantee that the dealer will comply with state laws and regulations governing the sale of motor vehicles. The bond protects consumers by providing a means of compensation in case the dealer engages in fraudulent activities or violates licensing laws.

A bond amount of $50,000 strikes a balance between offering adequate protection for consumers while ensuring that responsible dealers can meet the financial obligation without excessive burden. It reflects the state's commitment to maintaining ethical standards within the automotive sales industry and demonstrates the importance of accountability in dealer operations.