What can happen if a dealer fails to maintain accurate records as required by law?

Maintaining accurate records is a fundamental requirement for dealers in the motor vehicle industry, as these records are crucial for ensuring compliance with various regulations and laws governing the sale and handling of vehicles. If a dealer fails to keep these records as required, they may indeed face legal penalties, which can include fines and other punitive measures. In severe cases, this non-compliance can lead to the loss of their dealer license, effectively halting their ability to operate legally in the marketplace. Consistent record-keeping helps authorities ensure that dealers are conducting their business ethically and transparently, which is essential for consumer protection and regulatory oversight.