What must dealers do if they decide to close their business?

When a dealer decides to close their business, notifying the Colorado Motor Vehicle Dealer Board and properly winding down operations is essential. This process ensures compliance with state regulations and protects both the dealer's interests and those of their customers. It provides a formal way to handle any remaining inventory, settle debts, and address any outstanding legal obligations.

By properly notifying the Board, dealers can avoid potential penalties and legal issues that could arise from ceasing operations without following the required procedures. This notification allows the Board to update their records and also serves as a means to inform customers and stakeholders about the closure in a professional manner.

In contrast, the other options do not adequately address the legal and procedural requirements necessary when closing a business. Selling inventory immediately might not allow for proper management of assets and debts. Transferring ownership to a family member could complicate things without proper oversight and could lead to legal challenges if not handled according to regulations. Closing without any formalities could lead to significant legal repercussions for the dealer. Thus, option B emphasizes the proper approach to closing a dealership in compliance with relevant laws and regulations.