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

The amount of the surety bond required for new and used motor vehicle dealers in Colorado is established at $50,000. This requirement is in place to protect consumers and ensure that dealers adhere to the regulations governing motor vehicle sales. The bond serves as a financial guarantee that the dealer will operate within the law and fulfill obligations to their customers, including proper handling of vehicle titles and sales taxes. By requiring a surety bond, the state seeks to maintain a level of accountability within the automotive sales industry, ultimately fostering trust between consumers and dealers.