Virginia law requires licensed motor vehicle dealers to maintain comprehensive records related to their business activities, including vehicle inventory, sales, ownership transfers, taxes, and safety inspections. These records must be kept on the dealer's premises or at an approved alternative location and preserved for five years in original or electronic form. The law ensures proper record-keeping for regulatory compliance and allows certain records to be stored electronically with prior approval.
Dealers must keep records of employees, vehicle inventory, sales, ownership transfers, taxes, titling, registration, odometer disclosures, safety inspections, and dealer registration plates.
Dealer records must be preserved for a period of five years from the date of creation or last update.
Yes, records can be maintained on electronic media or computerized systems with prior approval from the Virginia Department or the Board.
Generally, records must be maintained on the licensed location's premises, but the Board may permit records to be kept elsewhere upon written request and good cause.