What action can OMVIC take if a dealer's financial responsibility is deemed insufficient?

If a dealer's financial responsibility is deemed insufficient, OMVIC has the authority to refuse, revoke, or suspend the registration of that dealer. This action is taken to ensure that all licensed dealers maintain a certain level of financial stability to protect consumers and uphold the integrity of the automotive sales industry. Sufficient financial responsibility typically indicates that a dealer can fulfill their obligations, including any liabilities that arise during transactions.

By having the power to suspend or revoke a registration, OMVIC can effectively manage risks associated with dealerships that may not be financially capable of operating responsibly. This serves to safeguard consumers against potential losses and maintains public confidence in the automotive marketplace. The other options, such as providing additional funding or revising the business model, do not align with OMVIC's regulatory role and focus, which is primarily concerned with compliance and accountability rather than directly intervening in a dealership’s financial operations. Issuing a warning without consequences would also fail to address the underlying issues relating to financial responsibility.