How long must dealership records be kept?

The requirement to keep dealership records for five years aligns with many state regulations, including those in Wisconsin. Maintaining records for this duration is essential as it allows the dealership to comply with audits, provide customer service references, and uphold legal standards. This period ensures that all necessary documentation related to sales, transactions, and customer interactions is available if questions arise regarding the dealership's practices or if there are disputes.

Records kept beyond the five-year mark may not be required for compliance purposes, which is why indefinite retention may not be mandated. Furthermore, keeping records for too long can lead to unnecessary storage costs and complications in organization. Therefore, five years strikes the right balance between compliance and efficiency for the dealership's record-keeping practices.