OMVIC License Practice Test & Course – Prepare for the OMVIC Exam in Ontario

The correct amount that each dealer pays into the Fund is $324. This figure is significant because it represents a standardized contribution that supports the operations and activities of the Ontario Motor Vehicle Industry Council (OMVIC), including consumer protection efforts, regulatory compliance, and the overall integrity of the automotive sales industry in Ontario.

The fund is essential for ensuring that there are resources available to handle complaints and disputes that may arise between consumers and dealers, and it helps maintain transparency within the market. The structured payment amount also reflects the collective responsibility of dealers to contribute to the wider interests of the industry and its stakeholders.

Other options do not reflect the accurate current amount required from each dealer, which emphasizes the importance of being aware of the precise contributions as outlined by OMVIC regulations. Understanding the correct payment ensures that dealers remain compliant and support the overarching goals of the regulatory framework.