What must a dealer do if they change the location of their principal place of business?

When a dealer changes the location of their principal place of business, it is crucial for them to notify the board immediately in writing. This prompt notification is important for several reasons related to the regulatory framework governing vehicle dealers in Colorado.

First, keeping the board informed ensures that all records are up to date, which helps in maintaining proper oversight and adherence to licensing regulations. The board oversees the activities of vehicle dealers, and having current information about their business location is essential for conducting inspections and ensuring compliance with state laws.

Additionally, the dealer's license is tied to the specific location of their business; therefore, any change necessitates updating the board to prevent any legal issues that may arise from operating without proper authorization at a new address. This proactive approach minimizes the risk of penalties or complications with their license status.

In contrast, waiting for an annual review would delay the update process and could lead to potential liabilities or violations of regulatory requirements. Posting a notice at the current location would not adequately inform the board and does not fulfill the requirement to officially update their records. Filing a new license application may not be necessary unless there are substantial changes beyond just the location, which isn’t the case in this scenario. Therefore, immediate written notification is the correct action to take