A dealer who buys a motor vehicle and holds such vehicle for resale shall complete, as the buyer, (1) the certificate of title from the owner or the lienholder, or (2) a statement on a form prescribed by the commissioner that the title of such vehicle is lost or destroyed in accordance with subsection (a) of § 14-171. Upon transferring such vehicle to another person other than by the creation of a security interest, such dealer shall promptly execute the assignment and warranty of title by a dealer, showing the names and addresses of the transferee and of any lienholder holding a security interest created or reserved at the time of the resale and the date of such lienholder’s security agreement, in the spaces provided on such certificate or on an ownership transfer document approved by the commissioner, and mail or deliver such certificate, or such statement and ownership transfer document, to the commissioner with the transferee’s application for a new certificate. This section shall not apply to any motor vehicle that is not required to have a certificate of title and for which the commissioner has not issued a certificate of title.