Colorado Sales License Practice Test

For how long must records of vehicle transfers and odometer statements be kept?

1. 3 years

2. 5 years

3. 7 years

4. 10 years

The correct answer is: 5 years

The retention period for records of vehicle transfers and odometer statements is set at five years to ensure compliance with state regulations. This duration allows for adequate time to address any potential disputes, investigations, or audits related to the transaction or odometer readings. Keeping records for five years aligns with standard practices in the automotive industry, ensuring transparency and accountability during that timeframe. This period provides a balance between thorough documentation and practical storage considerations for both individuals and dealerships involved in vehicle transactions.