What kind of records must dealers maintain for their transactions?

Dealers are required to maintain accurate and complete records of all vehicle sales and purchases to ensure compliance with legal and regulatory standards. This comprehensive documentation serves multiple purposes, such as facilitating transparency in transactions, providing a clear audit trail for inspection purposes, and ensuring that all sales are documented in accordance with local, state, and federal laws.

Maintaining complete records helps to protect both the dealer and the customers by ensuring that all aspects of the sale or purchase, including details like vehicle identification numbers, sale prices, and buyer information, are available should any disputes arise. Moreover, complete records are essential in the event of recalls, warranty claims, or regulatory inspections.

In contrast, the other options focus on limited aspects of dealer operations—financial transactions, customer interactions, or only high-value sales—which do not encompass the full scope of responsibilities required for accurate record-keeping in the automotive sales industry. These limited scopes could lead to compliance issues or gaps in the dealer's documentation practices.