OMVIC OMVIC Dealer Operations and Business Practices 4

Question 1

Under OMVIC regulations, how long must a registered dealer retain all vehicle transaction records?

Accepted Answer

6 years

Answer

Ontario's Motor Vehicle Dealers Act requires dealers to retain transaction records for a minimum of six years.

Question 2

A dealer discovers a vehicle they sold has an outstanding lien that was not disclosed at sale. What is the dealer's primary obligation?

Accepted Answer

Notify the buyer and arrange for lien discharge

Answer

The dealer must promptly notify the buyer and take steps to discharge the undisclosed lien to ensure clear title transfer.

Question 3

Which document must a OMVIC-registered dealer provide to every buyer before a vehicle sale is finalized?

Accepted Answer

A completed Ontario Used Vehicle Information Package (UVIP)

Answer

Ontario law requires dealers to provide a Used Vehicle Information Package to buyers of used vehicles before finalizing the sale.

Question 4

When a dealer advertises a vehicle's fuel economy, OMVIC expects the figures to be sourced from:

Accepted Answer

Natural Resources Canada official ratings

Answer

OMVIC's advertising guidelines require fuel economy claims to be based on Natural Resources Canada's official published ratings.

Question 5

A salesperson working at a registered dealership wants to buy a vehicle from a customer for personal use. Under OMVIC rules, this transaction:

Accepted Answer

Must be disclosed and the customer must be treated as in any dealer purchase

Answer

Salespersons who purchase vehicles from consumers must follow the same disclosure and fairness obligations that apply to dealer purchases.

OMVIC (Ontario Motor Vehicle Industry Council) Practice Test