(A) A construction equipment auction shall maintain the following records covering the purchase and sale of all motor vehicles having a gross vehicle weight rating of ten thousand pounds or less:
(1) The year and make of the motor vehicle;
(2) The vehicle identification number (VIN);
(3) The name and address of the previous owner;
(4) The title number and the county and state of issuance of the previous title;
(5) The odometer reading at the time of purchase;
(6) The name and address of the purchaser, the sales price, and the odometer reading at the time of sale;
(7) The odometer disclosure statement;
(8) A record of any temporary tag sold for each motor vehicle.
(B) A construction equipment auction shall maintain financial records sufficient to demonstrate that the business receives more than one million dollars in gross annual sales in Ohio and derives not more than ten per cent of its gross annual sales revenue in Ohio from the sale of motor vehicles having a gross vehicle weight rating of ten thousand pounds or less.
(C) The business records of a construction equipment auction licensee shall be maintained in an easily accessible manner and shall be open for reasonable inspection by the registrar of motor vehicles or the registrar's authorized agents for a period of not less than three years from the date of the transaction or the date of the creation of the record, whichever is later.
(D) The construction equipment auction facility shall be open to inspection by the registrar or the registrar's authorized agents at all reasonable times prior to the issuance to any license and during the term of any such license.