A licensed motor vehicle dealer may sell a used motor truck on a consignment basis ifall of the following conditions apply: 1. The dealer is licensed to sell used motor vehicles. 2. The motor truck offered for sale has a gross vehicle weight rating of twenty-six thousand one or more pounds. 3. The dealer prominently displays the words “consignment vehicle” on the motor truck andindicates clearlyinthe sales documentation that the motor truck isa consignment vehicle. The dealer shall put customers on notice that the dealer does not have titleto the vehicle and does not warranty the title. 4. The purchaser certifies to the dealer that the person is either a corporation, limited liabilitycompany, or partnership or a person who filesa schedule C or schedule F form for federal income tax purposes, and that the motor truck is being purchased for business purposes, and not for personal use. 5. The dealer assumes no liabilityfor damages resulting from a customer’s test drive of the motor truck, and the consignor maintains financial liabilitycoverage as required under section 321.20B or 325A.6, as appropriate, for the motor truck throughout the term of the consignment.
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