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Car dealerships are subject to regulations from various state and federal agencies when it comes to all facets of their businesses, and record retention laws are among the most important restrictions. Establishments are required to keep dozens of files for every sale and vehicle.
According to the Mercadien Group, an accounting firm, there are only two types of records - buyer's guides and approved credit reports - that dealerships don't have to keep. Dealerships must retain all other files for three to ten years. Most of the records are standard financial statements associated with selling vehicles, and the regulations are in place to ensure that every sale is legal.
Car dealerships can't dedicate ample space to storing 10-year old paperwork. Stevens Records Management provides automotive establishments with a secure alternative to wasting room in their facilities. The file storage company can house vast quantities of files so that dealerships can remain in compliance with federal regulations.
Additionally, Stevens helps businesses by disposing of records after the retention period has expired. Shredding services ensure that every sensitive document is unreadable. Important information will be completely destroyed so car dealers don't have to worry about potential threats.
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