OMVIC Practice Test

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What must be disclosed in contracts of sale and lease between dealers for used vehicles?

The dealer’s personal opinion of the vehicle

Only the make and model of the vehicle

The total distance the vehicle has been driven

In contracts of sale and lease between dealers for used vehicles, it is important to disclose the total distance the vehicle has been driven. This is necessary for prospective buyers to accurately assess the condition and value of the vehicle. Option A is incorrect because a dealer's personal opinion may not be objective or factual. Option B is incorrect because it does not provide enough information about the vehicle. Option D is incorrect because a dealer's profit margin is not relevant to the condition or history of the vehicle. Therefore, option C is the most necessary and relevant piece of information to be disclosed in these types of contracts.

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The dealer’s profit margin

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