Colorado Car Sales Practice Test

For how long must dealers retain odometer disclosure statements?

1. One year

2. Three years

3. Five years

4. Indefinitely

The correct answer is: Five years

Dealers are required to retain odometer disclosure statements for a period of five years. This requirement is in place to ensure that there is a verifiable record of the mileage on a vehicle at the time of sale. Odometer disclosure statements serve to protect buyers from potential fraud related to odometer tampering, where the actual mileage of a vehicle may be misrepresented. Retention for this period aligns with the regulations set forth in both federal and state laws, emphasizing the importance of maintaining thorough records for consumer protection and accountability. Keeping these records for five years allows for the investigation of any potential discrepancies concerning a vehicle's mileage, thereby providing a safeguard for consumers as well as compliance for the dealer.