(1) May buy a vehicle from another dealer, at an auto auction, or from a retail seller;

(2) May sell a vehicle to or exchange vehicles with another dealer;

(3) Except as provided in item (4) of this subsection, may sell a vehicle or exchange vehicles at an auto auction;

(4) May not sell a vehicle to or exchange vehicles with a retail buyer; and

(5) May not buy, sell, or exchange new vehicles.

(b) A wholesale dealer shall keep a record of the following:

(1) The year, make, model, and identification number of a vehicle that is bought, sold, or exchanged;

(2) The date that a vehicle is bought, sold, or exchanged;

(3) The amount for which a vehicle is bought or sold;

(4) The name, address, and license number of the other person with whom the wholesale dealer conducts a purchase, sale, or exchange;

(5) The odometer mileage statement for a vehicle that is required under the federal Motor Vehicle Information and Cost Act; and

(6) Each invoice, bill of sale, and other pertinent document and record in the form required by the Administration.