According to the MVDA, how long must dealers maintain their records?

Dealers are required to maintain their records for six years, as specified by the Motor Vehicle Dealers Act (MVDA). This record-keeping requirement is crucial for ensuring transparency and accountability within the dealership operations. Having comprehensive records allows for effective oversight by regulatory bodies and helps in addressing any disputes or issues that may arise concerning transactions. The stipulated period of six years aligns with the need for a balance between adequate oversight and the practicality of record management in a competitive business environment. This standard ensures that adequate documentation is available for audits or investigations as needed, thereby promoting ethical practices within the industry.