If a dealer buys a vehicle and holds it for resale and procures the certificate of title from the owner or the lienholder within 10 days after delivery of the vehicle, the dealer need not send the certificate to the department but, upon transferring the vehicle to another person other than by the creation of a security interest, shall promptly execute the assignment and warranty of title by a dealer, or if a franchised vehicle dealer an acceptable form proving assignment approved by the director, or if the title is held by a finance source show a copy of the title pending the original, and execute an acceptable form approved by the director proving assignment, showing the names and addresses of the transferee and of any lienholder holding a security interest created or reserved at the time of the resale and the date of the security agreement, in the spaces provided therefor on the certificate or as the director prescribes, and mail or deliver the certificate to the department with the transferee's application for a new certificate.
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