How long must sales records be maintained by a dealership?

Keeping accurate and complete sales records is vital for dealerships, as it helps in maintaining compliance with regulatory requirements and facilitates transparency in business operations. In Virginia, dealerships are required to retain sales records for at least 3 years. This timeframe ensures that all transactions can be reviewed if needed, whether for audits, investigations, or customer inquiries.

Maintaining records for 3 years aligns with the common practices within the automotive industry, providing a sufficient window for tracking important information while not being overly burdensome for the dealership. By adhering to this duration, dealerships can effectively manage their operations while also being prepared for any regulatory oversight that may occur within that period.