Accurate documents, including a compliant bill of sale, increase transparency and build trust with consumers. Ensuring that the correct information is being recorded on bills of sale and financing applications provided to financial institutions will protect the consumer, your salespeople and business.
Automotive businesses have an obligation to create and maintain complete and accurate financial records (Consumer Protection Act), Section 132(1), Automotive Business Regulation (ABR) Section 9). This includes, but is not limited to, a bill of sale. The bill of sale must accurately reflect the nature of the transaction and there are specific items that must be included, as listed in the ABR Sections 31.2(1) and (2). A commonly missed item on bills of sale is the consumer identification number. Ensure your salespeople confirm consumer identity by checking and recording the consumer identification information on a vehicle bill of sale. A bill of sale checklist is available on amvic.org to help your business address the requirements.
During an inspection, automotive business documents are reviewed. Documents examined could include, but are not limited to: advertisements, Mechanical Fitness Assessments, bills of sale, consignment agreements, repair invoices, banking records, vehicle inventory, payroll records and GST remittances.
AMVIC has once again joined the Competition Bureau (CB), the Royal Canadian Mounted Police (RCMP), and the Canadian Anti-Fraud Centre (CAFC) Fraud Prevention Month campaign, educating consumers and industry on how to recognize, reject and report fraud. This year, the CB is acknowledging two decades of collective effort against fraud, with the overarching theme of “20 years of fighting fraud: from then to now.” Join the conversation online: follow AMVIC and #FPM2024 on X and Facebook or visit amvic.org for more information.