According to regulations, how must dealers manage customer records regarding privacy?

Dealers are required to manage customer records with stringent adherence to privacy regulations, which include maintaining a written safeguard plan. This safeguard plan is essential as it outlines the specific procedures and measures a dealer must implement to protect customer information from unauthorized access or disclosure.

By having a written safeguard plan, dealers demonstrate their commitment to confidentiality and proper handling of sensitive customer data. This plan typically includes guidelines on data security, employee training, and specific protocols for data access and sharing. This ensures that customer privacy is prioritized in all operations involving customer records, thereby fostering trust and compliance with laws designed to protect consumer information.

The other options suggest practices that do not align with proper privacy management. For instance, destroying records after one year, keeping them indefinitely without restrictions, or sharing them with other businesses contradicts the need for proper safeguards and responsible management of customer information.