Which is NOT a requirement for used motor vehicle dealers?

The assertion that a used motor vehicle dealer must sell fewer than three used vehicles annually is inaccurate as a requirement for licensure. In Colorado, used motor vehicle dealers are actually required to meet specific licensing standards and regulations, which includes selling a certain volume of vehicles to maintain their status as a dealer. This option misrepresents the operational threshold for being a licensed used car dealer, as there is no cap limiting them to fewer than three vehicle sales per year.

In contrast, the other requirements are indeed correct for used motor vehicle dealers in Colorado. Dealers are required to provide proof of a savings account or bond to ensure financial responsibility. Reporting changes in business location to the appropriate authorities helps maintain accurate records and ensures compliance with local business regulations. Following the rules set forth by the board is crucial for all dealers to operate legally while ensuring consumer protection and fair business practices.