Each automobile auction shall:

1. (a) Be located at a permanent site which is owned or leased by the licensee.
2. (b) Have no other class of dealership operating from the automobile auction location.
3. (c) Have office space of at least one hundred forty-five square feet, with necessary office furniture, heating and lighting facilities, restroom facilities and a telephone listed in the name of the automobile auction.
4. (d) Maintain parking space for at least one hundred vehicles.
5. (e) Display at least one permanent sign that is clearly visible from the nearest street or highway. The sign shall state that automobile auctions are conducted at that site.