What must a dealer do if their records are lost or stolen?

When a dealer experiences the loss or theft of records, notifying OMVIC in writing within five days is essential for several reasons. OMVIC, the Ontario Motor Vehicle Industry Council, is responsible for regulating the motor vehicle sales industry in Ontario, and maintaining accurate records is a crucial aspect of compliance with industry regulations. Prompt notification allows OMVIC to be aware of the situation, ensuring that they can provide guidance and potentially prevent any misuse of the lost records.

Additionally, timely reporting helps to maintain the integrity of the dealership's operations, as delays could lead to complications during inspections or investigations. By notifying OMVIC as soon as possible, the dealer demonstrates a commitment to following proper protocols and adhering to regulatory requirements. This action is essential in safeguarding both the dealer’s reputation and consumer trust in the marketplace.