(1) Every dealer in vehicles, trailers or semitrailers shall maintain a record in a form as prescribed by the department of every used vehicle, trailer or semitrailer bought, sold, or exchanged by the licensee or received or accepted by the licensee for sale or exchange. The record shall contain a description of the vehicle, including the name of the manufacturer, type, serial number, odometer reading and other distinguishing marks, and whether any numbers thereon have been defaced, destroyed, or changed and shall state with reference to each vehicle the name and address of the person from whom purchased or received, when sold or otherwise disposed of by the licensee, and the name and address of the person to whom sold or delivered.
(2) Every licensee shall have in his possession a separate certificate of title assigned to him or other documentary evidence of his right to the possession of and for every vehicle in his possession.