(a) 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 to him of the vehicle, he need not send the certificate to the Bureau of Motor Vehicles 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, 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 his security agreement, in the spaces provided therefor on the certificate or as the Bureau of Motor Vehicles prescribes, and mail or deliver the certificate to the Bureau of Motor Vehicles with the transferee's application for a new certificate.
(b) Every dealer shall maintain for five years a record in the form the Bureau of Motor Vehicles prescribes of every vehicle bought, sold or exchanged by him, or received by him for sale or exchange, which shall be open to inspection during reasonable business hours by a representative of the Bureau of Motor Vehicles or any peace officer as defined by Title 5, section 3561, Virgin Islands Code.