(a) Legislative findings.--The General Assembly finds as follows:

(b) Definitions.--The following words and phrases when used in this subchapter shall have the meanings given to them in this subsection unless the context clearly indicates otherwise:

“Dealer.” A person engaged in the business of buying, selling or exchanging motor vehicles.

“Motor vehicle auction.” A sale transaction conducted by means of oral or written exchanges between an auctioneer and the members of the audience, which exchanges consist of a series of invitations for offers for the purchase of motor vehicles made by the auctioneer and offers to purchase made by members of the audience and culminate in the acceptance by the auctioneer of the highest or most favorable offer made by a member of the participating audience.

“Motor vehicle auction company.” A person who, as a part of that person's business, arranges, manages, sponsors, advertises or carries out motor vehicle auctions.

“Odometer.” An instrument for measuring and recording the actual distance a motor vehicle travels while in operation. The term does not include any auxiliary odometer designed to be reset by the operator of the motor vehicle for the purpose of recording mileage on trips.

“Person.” A natural person, association, partnership, corporation or trust.

“Repair and replacement.” To restore to a sound working condition by replacing the odometer or any part thereof or by correcting what is inoperative.

“Transfer.” To change ownership by purchase, gift or any other means.

“Transferee.” A person to whom the ownership in a motor vehicle is transferred by purchase, gift or any means other than by creation of a security interest.

“Transferor.” A person who transfers his ownership in a motor vehicle by sale, gift or any means other than by creation of a security interest.