Which of the following statements is true regarding dealer records?

The statement that records must be kept even if the dealer ceases to operate is valid because regulatory requirements typically mandate that dealers maintain records for a specific duration, regardless of their operational status. This is crucial for ensuring accountability and facilitating any potential audits or investigations even after a dealer has closed. The retention of records is essential for consumer protection, as it enables oversight authorities to trace any past transactions or complaints related to the dealer's operations.

Maintaining records helps protect both consumers and dealers by providing transparency and a history of transactions that can be referred back to if disputes arise. Therefore, the obligation to retain these records persists even when a dealer is no longer active in the market.

In comparison, other options fail to align with this principle; for instance, records are not optional but rather a mandated part of dealer operations, and the specifics regarding the duration for maintaining those records can vary, indicating that the blanket statement claiming a minimum of 10 years is not universally accurate. The nature of physical versus digital record-keeping also has regulations and cannot be maintained without restrictions. Thus, the statement in question accurately reflects the practices required for dealer records.