Mo. Code Regs. tit. 12 § 10-26.070
Current through Register Vol. 49, No. 21, November 1, 2024.
Section 12 CSR 10-26.070 - Procedural Requirements For Wholesale Motor Vehicle AuctionsPURPOSE: This rule outlines the procedural requirements for wholesale motor vehicle auctions as defined in section 301.550, RSMo.
(1) For purposes of this rule, the term "auction" shall mean, "wholesale motor vehicle auction" unless specified otherwise.(2) Auctions shall maintain the following information for five (5) years from the date of sale of any motor vehicle or trailer: (A) The year, make, model and vehicle identification number of the motor vehicle;(B) The name and address of the seller;(C) The name and address of the buyer;(D) The date of sale and the purchase price;(E) The odometer reading of the motor vehicle at the time of sale and odometer disclosure information that complies with the state and federal laws; and(F) The certificate of title number and state of issue.(3) Each auction shall maintain for three (3) years a file on each licensed dealer who buys or sells vehicles at the auction. The file must contain the dealership's name, dealer license number, the state(s) where licensed, dealership's address, dealership's owner(s), partner(s) or corporate officers and the name and address of all individuals authorized to buy and sell on behalf of the dealership.(4) Any individual conducting a wholesale motor vehicle auction must be licensed pursuant to all applicable laws and make available for inspection all applicable licenses to law officers or Department of Revenue employees. An auction shall maintain a record of each individual performing auctioneering services and the inclusive dates of such services.(5) Prior to transfer of title of any motor vehicle at auction, an auction shall review all applicable vehicle documentation for all vehicles sold through the auction including but not limited to the following: certificate of title and odometer disclosure statement, if applicable.(A) The auctioneer must announce any title brands known, the condition of the vehicle, any known damage to the vehicle, the odometer reading of the vehicle on the date of sale and whether the odometer disclosure is actual, not actual, exceeds mechanical limits, or exempt.(6) Motor vehicles sold at auction are not required to display a Federal Buyer's Guide, unless such vehicles are being sold by a government entity, whose sales are opened to the public as required by law.(7) An auction must verify that each dealer who buys and sells at the auction is currently licensed as a motor vehicle dealer in the state of Missouri or another jurisdiction at the time of registration with the auction. Thereafter, the auction shall verify that the dealer's license is valid on an annual basis.(8) A certificate of number (license) issued to an auction by the director must be prominently displayed at the auction's bona fide established place of business.(9) An auction may only conduct business at its licensed location. Off-site sales are prohibited.(10) An auction must issue to the buyer and seller of each vehicle a sales document that contains- (A) The year, make, model and vehicle identification number of the motor vehicle;(B) The name and address of the seller;(C) The name and address of the buyer;(D) The date of sale and the purchase price; and(E) The odometer reading of the motor vehicle at the time of sale.(11) Records required by this regulation may be maintained in an electronic format. AUTHORITY: sections 301.550-301.573, RSMo 1994 and Supp. 1998.* Original rule filed Nov. 1, 1999, effective May 30, 2000. *Original authority: see Missouri Revised Statutes 1994 and Missouri Revised Statutes Cumulative Supplement 1999.