Article 5. Transfers Through Wholesale Auctions of California Vehicle Code >> Division 3. >> Chapter 2. >> Article 5.

A dealer who conducts a wholesale motor vehicle auction and who uses the form prescribed in subdivision (b) of Section 4456 shall include the phrase "SOLD THROUGH [name of dealer conducting the auction]" and the date of the auction on the certificate of title of every vehicle sold, in a manner prescribed by the department.

For each vehicle sold pursuant to this article, the dealer who conducts the auction shall maintain a copy of the following documents for a period of not less than five years:
  (a) The form required by subdivision (b) of Section 4456.
  (b) A copy of the auction sales agreement.
  (c) A copy of the odometer statement required by Section 5900.

Notwithstanding any other provision of law, a dealer who purchases a vehicle pursuant to this article has the same rights and remedies against the dealer who conducts the auction sale as if that dealer were an owner and seller of the auctioned vehicle. The purchaser dealer's rights and remedies are in addition to any right or remedy he or she may have against the seller of a vehicle sold at a wholesale motor vehicle auction. The provisions of this section may not be waived or modified by agreement, or by recharacterization of the transaction.

This article shall become operative on July 1, 1993.