A dealer license issued under this chapter expires on December thirty-first of each year. A licensed dealer may apply for renewal of the dealer’s license on forms prescribed by the department and payment of the dealer license and dealer plate fees required by this chapter. The department may not renew the dealer license of any applicant who has made less than eight retail motor vehicle sales during the previous year. The department may adopt administrative rules to limit the number of dealer plates available to an applicant based on the applicant’s motor vehicle sales history. Any dealer who fails to submit a renewal application before the expiration of the dealer’s current license, in addition to all other fees due, shall pay a one hundred dollar fee at the time the dealer’s license is renewed. For purposes of this section, “retail motor vehicle sales” means the sale of a motor vehicle that requires titling and registration in order to operate on the roads.