Used Cars: Unknowing bought a lemon in Toronto Ontario, kia sportage, oil light

Question
I just bought a 2001 kia sportage privately yesterday however the owner also owns a dealership!? Body looked good,137k, i took it for a test drive and the oil light was on, plus there was a ticking.  I said I would buy it provided the light was off and tick gone, and asked him to safety and e test it. I paid $4000 cash, he made the bill of sale to be $2000 so I would save on the tax when I registered it.  All seemed well, until I got it on the highway (less than 30 mins after buying it) when it suddenly wouldn't gear down and wouldnt speed up. (the oil light had come on just prior to this happening but it was flickering) I managed to get over to the shoulder from the passing lane on the express, when the car totally shut off! But the battery seemed to still be running..  Within minutes that stopped working too.  I called the guy immediately and he said he would have it totally fixed, and would have it to me this evening.  I have the safety etest ownership with me, but am obviously concerned on what will happen next?  What should I do?  OR what CAN I do lawfully?

Answer
Because he is a dealer you can ask him to return the car as you have a 7 day remorse period (i am sure that is valid in Ont as well) he might try to pull the " its a private sale"  crap on you , but you can come back with " if you own a dealership is it even lawful for you to sell it to me from the dealership privately ? " that of course is last resort as he will probably not be willing to fix it for free after you say that. First step get him to fix it and/or ask him for a refund and try to imply you will think about just buying another car from his lot instead! Be careful not to commit to that or else he will not give you cash back , instead just a credit towards another car. Try that and keep me posted, we will go further depending on the outcome from that!