(a) A motor vehicle dealer may not make a price comparison, price reduction, or price discount in an advertisement unless the comparison, reduction, or discount complies with this section.

(b) A motor vehicle dealer may advertise a price comparison for a new motor vehicle with the manufacturer's suggested retail price only if

(1) the dealer only uses the term “manufacturer's suggested retail price,” “MSRP,” or “list price”;

(2) the advertised price references the final price listed by the manufacturer on the Monroney sticker; and

(3) the manufacturer's suggested retail price, MSRP, or list price does not include charges added by the dealer or options added to the vehicle by the dealer.

(c) A motor vehicle dealer may not use a competitor's price as a reference price unless

(1) the reference price is the competitor's current, bona fide price in the trade area of the dealer making the comparison;

(2) the comparison is to an identical or nearly identical vehicle that does not materially differ in model, style, design, name, brand, kind, or quality from the advertised product; and

(3) the dealer includes in the advertised price all charges that the competitor includes in the competitor's price.

(d) A motor vehicle dealer shall be in possession of documents and all other information necessary to substantiate all reference price claims when the claims are made and shall maintain this information in a readily accessible place for two years after the time the reference price claims are made.

(e) A motor vehicle dealer may advertise a price comparison for a used motor vehicle only if the reference price is the retail value of the vehicle as specified in the current edition of a nationally recognized valuation publication for used motor vehicles.

(f) When advertising a price comparison for a used motor vehicle, the advertisement must identify the source of the reference price, and the motor vehicle dealer shall make this source available to a potential retail buyer on request.