(a) Each person who conducts auctions as a business in this State of motor vehicles of a type required to be registered under this article shall keep a record of:

(1) The name and address of the consignor;

(2) The date on which it was consigned;

(3) The year, make, model, and serial number of each vehicle consigned;

(4) The title number and state where the vehicle was last registered;

(5) The odometer mileage reading at the time of consignment;

(6) The name and address of the person to whom the vehicle was sold;

(7) The selling price; and

(8) The date of sale.

(b) During business hours, the records shall be open to inspection by the Administration, by the Department of State Police, or by a law enforcement officer with a county or municipal police department or sheriff’s office who is assigned to an antitheft unit.

(c) The records required by this section shall be kept for at least 3 years after the transaction to which it applies.

(d) A person who fails to comply with any requirement under subsections (a) through (c) of this section is subject to a civil penalty not exceeding:

(1) For a first offense, $500; or

(2) For a second or subsequent offense, $1,000.