1. (a) A wholesale dealer who is licensed by the Administration under this subtitle:

   1. (1) May buy a vehicle from another dealer, at an auto auction, or from a retail seller;
   2. (2) May sell a vehicle to or exchange vehicles with another dealer;
   3. (3) Except as provided in item (4) of this subsection, may sell a vehicle or exchange vehicles at an auto auction;
   4. (4) May not sell a vehicle to or exchange vehicles with a retail buyer; and
   5. (5) May not buy, sell, or exchange new vehicles.

2. (b) A wholesale dealer shall keep a record of the following:

   1. (1) The year, make, model, and identification number of a vehicle that is bought, sold, or exchanged;
   2. (2) The date that a vehicle is bought, sold, or exchanged;
   3. (3) The amount for which a vehicle is bought or sold;
   4. (4) The name, address, and license number of the other person with whom the wholesale dealer conducts a purchase, sale, or exchange;
   5. (5) The odometer mileage statement for a vehicle that is required under the federal Motor Vehicle Information and Cost Act; and
   6. (6) Each invoice, bill of sale, and other pertinent document and record in the form required by the Administration.

Added by Acts 1985, c. 639. Amended by Acts 1986, c. 4; Acts 1994, c. 503, § 1, eff. Oct. 1, 1994.