Wisconsin Administrative Code › Department of Transportation › Chapter Trans 138 - Dealer Facilities, Records, And Licenses › Section Trans 138.04 - Records kept

Current through June 24, 2024
This section establishes the minimum books and records required
				to be kept and maintained at the licensed business premises by motor vehicle
				dealers and used motor vehicle wholesalers under ss.
				218.0116(3)
				and (5), and
				342.16(2),
				Stats., and the required retention periods for those records.
(1) DEALER REQUIRED RECORDS. Motor vehicle
			 dealers shall maintain, at a minimum, the following books and records:
(a)
Ownership records.
As
			 evidence of ownership, title for each used vehicle owned and offered for sale
			 and manufacturer's statement of origin, or MSO, for each new vehicle owned and
			 offered for sale. If a manufacturer or lending institution is holding the title
			 or MSO to ensure payment at the time of sale, the dealer shall have for each
			 such vehicle either a factory invoice, a completed dealer reassignment form, or
			 a purchase contract evidencing trade-in or purchase. If the used vehicle is a
			 manufacturer's buy-back under s.
			 218.0171,
			 Stats., and the manufacturer holds title to the vehicle, the dealer may have in
			 its possession a copy of the title.
Note:
Section
				218.0171,
				Stats., is commonly known as the lemon law.
(b)
Consignment sale
			 documents.
1. Written consignment
			 agreement between owner and dealer for each vehicle not owned by the dealer and
			 offered for sale by the dealer. Consignments between motor vehicle dealers are
			 prohibited. Nor may wholesalers consign vehicles to motor vehicle dealers. Each
			 consignment agreement shall contain:
a. Date
			 of consignment;
b. Name of
			 consignor and consignee;
c.
			 Description of vehicle including year, make and identification number, a
			 description of the prior use of the vehicle and an odometer disclosure
			 statement as specified in s.
			 Trans
			 154.08(1). The odometer disclosure
			 statement shall be separate from the rest of the consignment
			 agreement;
d. Terms of agreement
			 including duration of agreement, agreed upon minimum selling price at which the
			 dealer is authorized to sell the vehicle for the consignee, the agreed
			 disposition of any amount received for the vehicle above the minimum sales
			 price, and the amount of the dealer's sales commission;
e. A statement by the owner that either the
			 vehicle is clear of any liens, or identifying the lienholder and stating the
			 amount of any outstanding lien balance;
f. Signatures by the vehicle owner and
			 selling dealer; and
g. An agreement
			 between the vehicle's owner and the dealer providing that the dealer will hold
			 the title certificate or a copy of both sides of the original title certificate
			 for inspection by potential purchasers during the period of consignment, and
			 that the title reassignment by the owner portion of the original title
			 certificate will not be signed until the vehicle is actually sold. The
			 agreement shall also provide that if the vehicle is not sold during the
			 duration of the consignment, the dealer will promptly return the title
			 certificate to the owner along with the vehicle.
2. Copies of any documents required to be
			 created under s.
			 Trans
			 139.08.
(c)
Vehicle condition
			 disclosures.
Vehicle general condition disclosure statements, as
			 required by s.
			 Trans
			 139.04(4).
(d)
Odometer disclosure.
Odometer disclosure statement from prior owner and odometer disclosure
			 statement to subsequent purchaser, as required by s.
			 Trans
			 139.04(7).
(e)
Contracts.
Original or
			 copy of motor vehicle purchase contracts, as required by s.
			 Trans
			 139.05, purchase orders and invoices. Copy of MV1 or
			 MV11, Wisconsin title, registration or license plate application forms,
			 completed for each vehicle purchaser as additional evidence of sale, and
			 information regarding collection of sales tax and Wisconsin title and
			 registration fees, when applicable. If the contract supersedes any prior offer
			 or contract between the parties, copies of the superseded contract as required
			 by s.
			 Trans 139.05(1)
			 (a) 2.
(f)
Dealer record book.
1. The following information shall be kept on
			 every used vehicle, including executive and demonstrator vehicles, bought,
			 sold, exchanged or consigned:
a. Date of
			 acquisition of the vehicle.
b. Name
			 and address of the person from whom the vehicle was acquired.
c. The year, make and vehicle identification
			 number, or VIN, of the vehicle.
d.
			 The date of the disposition of the vehicle.
e. The name and address of the person to whom
			 any vehicle was disposed.
2. Persons requiring a license who do not
			 maintain their records in an electronic data processing record keeping system
			 shall maintain the information required in subd. 1. in a permanently bound book
			 containing consecutively pre-numbered pages with horizontal line ruling.
			 Initial purchase entries shall be made immediately as each vehicle is acquired
			 and sales information entered on the same line at subsequent time of sale. All
			 entries shall be consecutively entered in ink and be legible. No blank
			 horizontal lines shall be allowed. Vertical dividing lines shall be provided,
			 and may be manually drawn, to divide the following information as shown:
Date Acquired
Acquired
From Name & Address
Year-Make-VIN
Date Sold or Disposed of
Disposed of or Sold to Name & Address
3.
			 Persons requiring a license who maintain their records in an electronic data
			 processing record keeping system shall maintain the information required in
			 subd. 1. in compliance with the following requirements:
a. One record shall contain all of the
			 information specified in subd. 1.
b. Initial purchase entries shall be made
			 immediately as acquired, and sales information shall be completed on the same
			 record at the time of sale.
c. The
			 information shall be accessible for inspection and shall be retrievable
			 electronically by the date acquired, name of person from whom the vehicle was
			 acquired, VIN, date sold, and name of person to whom the vehicle was
			 disposed.
d. All records shall be
			 retrievable during the inspection and a printer shall be kept on site to
			 provide hard copy if requested. Hard copy shall include all information in the
			 same format as specified in par. (f) 2. Horizontal and vertical lines are not
			 required.
e. There is an employee
			 of the person requiring a license available to retrieve the records during the
			 hours of operation of the business.
(h)
Electronic record
			 keeping.
Persons requiring a license who maintain their used vehicle
			 records as specified in par. (f) in an electronic data processing record
			 keeping system can satisfy the record retention requirement in sub. (3) with
			 hard copy of their records when memory limitations of the electronic system
			 prohibit electronic storage for the specified period. Hard copy shall meet the
			 following requirements:
1. Hard copy shall
			 include only those records of vehicles that have been disposed of. Incomplete
			 records of vehicles acquired and still in inventory must be maintained on the
			 electronic system until disposed of and the record is completed.
2. Hard copy shall include all information in
			 the same format as specified in par. (f) 2. Horizontal and vertical line ruling
			 shall not be required.
3. Hard copy
			 shall be printed in the order of the date acquired and each report shall
			 contain at least 12 consecutive months of vehicle acquisitions.
4. Hard copy shall contain system generated
			 page numbers and the current date on every page.