OMVIC Practice Test

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Dive into the OMVIC Practice Test and test your knowledge on laws, regulations, and ethical practices in the automotive industry. Perfect for aspiring dealers and salespersons to validate their expertise!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

How long does the MVDA specify that a dealer must maintain their records?

1 year
3 years
6 years
10 years

The correct answer is: 6 years

The correct answer is based on the requirements set forth in the Motor Vehicle Dealers Act (MVDA), which mandates that dealers must retain their records for a minimum of six years. This duration ensures that the dealership maintains comprehensive and accessible documentation concerning sales, transactions, financing, and other critical aspects of their business operations. Keeping records for this period is essential for compliance purposes as it allows for proper audits and investigations by regulatory bodies. Maintaining records for six years aligns with standard business practices, ensuring that both the dealer and customers can reference or resolve disputes regarding past transactions effectively. This timeframe helps protect consumer rights and enhances transparency in the vehicle sales process.