Regarding dealership record-keeping, which statement is most accurate about the storage of transaction files?

1. All records for the past five years must always be stored at the licensed dealership location.
2. Records can be stored in any format, including handwritten notes, as long as they are legible.
3. The most recent records (e.g., the current and previous 13 months) must be kept at the dealership, while older records may be stored off-site.
4. Dealers only need to keep the original title and bill of sale; all other documents can be discarded after the sale.