OMVIC launches retail transactions guideline to support registrants

Retail transactions are the backbone of most dealerships’ business. This guideline, developed in consultation with industry representatives, is designed to clarify the legislative and regulatory requirements, as well as OMVIC’s expectations with respect to retail transactions in the automotive sector. It is also intended to support OMVIC’s role as a modern regulator.

What does this guideline contain?

In summary, the retail transactions guideline outlines:

• Dealers’ responsibilities and obligations under the legislation, regulations, and Code of Ethics when it comes to retail transactions
• In detail, the requirements are spelled out for:
  • Sales contracts for both new and used vehicles
  • Leasing agreements
  • Credit/financing arrangements
  • Extended warranties
  • Service contracts
• The rules regarding advertising and vehicle availability are explained as they apply to retail transactions
• Important information about contract cancellations, recissions, and about the options available to consumers when a deal doesn’t work out.

OMVIC will be hosting an informational webinar to address any questions or comments on Friday, January 27th at 11:00 a.m. Click here to register through Zoom.

Note: This information was created to assist dealers/salespeople and is not a legal document. Registrants are encouraged to obtain independent legal advice.

Questions?

The dealer support team is available to assist dealers in achieving and maintaining compliance with the MVDA. Please contact dealer support at [email protected] or by calling 1-800-943-6002 and leave a message if you have any questions or concerns. Messages are returned in a priority sequence.