5.03.330 USED AUTOMOBILE DEALER.

"Used automobile dealer" means any person engaged in conducting, managing, operating or carrying on the business of selling or otherwise dealing in used motor vehicles, as the term "motor vehicle" is defined in the Vehicle Code of the state of California, and who buys or accepts on consignment, or otherwise becomes possessed of motor vehicles, for the purpose of reselling, or who sells at a price greater than that originally paid therefor, two or more used motor vehicles a year for a commission; provided, however, that the provisions of this code applying to "used automobile dealers" shall not be construed to apply to any insurance company, finance company, transportation company banking corporation, or any other person who may come into possession of such used motor vehicles in the regular course of business and who sells such motor vehicles under his or her contractual or lien rights or to save himself from financial loss.