OMVIC Practice Test 2025 - Free OMVIC Practice Questions and Study Guide

Question: 1 / 400

What is a "consignment transaction" in the context of vehicle sales?

A transaction where a dealer buys a vehicle from the manufacturer

A transaction where a vehicle owner gives a vehicle to a dealer to sell on their behalf

A consignment transaction in the context of vehicle sales refers to when a vehicle owner gives their vehicle to a dealer to sell on their behalf. This means that the owner retains ownership of the vehicle until it is sold, and the dealer acts as a middleman to find a buyer for the vehicle. Options A and D both involve a direct transaction between the dealer and another party, and in option C, the dealer is simply consigning the vehicle for auction without the involvement of the vehicle owner. Option B is the most accurate description of a consignment transaction in the context of vehicle sales.

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A transaction where a dealer consigns a vehicle for auction

A transaction between two private parties facilitated by a dealer

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