OMVIC Practice Test

How frequently must dealers renew their licenses with OMVIC?

1. Every year

2. Every two years

3. Every five years

4. Only once

The correct answer is: Every two years

Dealers are required to renew their licenses with OMVIC every two years. This stipulation ensures that all dealers remain compliant with the current regulations and standards set forth in the automotive marketplace. The biennial renewal process typically involves verifying that dealers continue to meet the necessary professional standards and fulfill their obligations as regulated entities, including maintaining transparency and ethical practices in their sales activities. Regular renewal helps to uphold the integrity of the marketplace and provides an opportunity for continuous education regarding changes in legislation or industry standards.