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Any demolisher who purchases or otherwise acquires a motor vehicle for purposes of wrecking, dismantling or demolition shall not be required to obtain a certificate of title for the motor vehicle in the demolisher's name. After the motor vehicle has been demolished, processed, or changed so that it physically is no longer a motor vehicle, the demolisher shall surrender for cancellation the certificate of title or auction sales receipt. The taxpayer and vehicle services division shall issue forms, rules and regulations governing the surrender of auction sales receipts and certificates of title as are appropriate.
A demolisher shall keep an accurate and complete record of all motor vehicles purchased or received in the course of the demolisher's business. These records shall contain the name and address of the person from whom each motor vehicle was purchased or received and the date when the purchases or receipts occurred. The records shall be open for inspection by any police department at any time during normal business hours. Any record required by this section shall be kept by the demolisher for at least one (1) year after the transaction to which it applies.