Keeping accurate records is not just good business practice, but it's also a legal obligation for dealers. As a dealer, you need to know which records are required and for how long you need to keep them to comply with the law. Here is a simple guide to help you:

• Office of Financial Regulation (OFR): Retail installment contracts, sales books, accounts, and other related records must be kept for at least two years after final entry. (s.520.997(3), F.S.).
• Credit applications and adverse action reports: Original records of customer credit applications and any notices of adverse action must be kept for 25 months. Read more here.
• Department of Revenue (DOR): You should keep diligent records of anything tax-related, including audits, exemption documents, ledgers, cash receipts, and other documents that would verify the amounts listed on your tax returns. These records must be kept for at least three years, but audits can go back as far as three years or even further if you fail to file on time or have substantial errors on your returns.
• IRS 8300 Form: Dealers must keep a copy of every 8300 Form they file and the required statement sent to customers for at least five years. Check out more information here.
• Division of Motor Services (DMS): DMS records can be kept either electronically or in paper form, but the requirement is for a minimum of five years. Click here for the Electronic Filing System (EFS) Record Retention.

It's important to note that many of the records required to be kept by dealers contain customers' personal information, which means you need to follow specific rules and procedures to protect their privacy. Please refer to our article on how to Protect Customer Information to ensure that you and your business are in compliance.