What is the required retention period for odometer disclosure statements by dealers and distributors of motor vehicles?

The required retention period for odometer disclosure statements by dealers and distributors of motor vehicles is five years. This duration is essential for ensuring compliance with federal regulations and state laws regarding vehicle sales. Odometer disclosure statements are significant as they provide a record of the vehicle’s mileage at the time of sale, which is crucial for protecting consumers against odometer fraud. Retaining these documents for five years allows for adequate time for any necessary audits or investigations that may arise concerning the vehicle's history and the accuracy of its mileage. This retention period aligns with regulations outlined by the federal law, which mandates that dealers keep these records available for review to promote transparency and accountability in the vehicle sales process.