A licensed vehicle lessor is not required to hold a GDN in order to sell a motor vehicle that the vehicle lessor owns to the lessee or to a duly licensed dealer, either directly or through a licensed wholesale motor vehicle auction. A licensed vehicle lessor may not purchase a motor vehicle at a wholesale motor vehicle auction. Any existing GDN held by a vehicle lessor that does not otherwise qualify for a GDN shall be canceled. A vehicle lessor whose GDN has been canceled under this section may reapply for a GDN once all the qualifications for a GDN are met.