The NAAA protects and promotes the interests of its members and leads with the highest ethical standards. The NAAA Auction Standards Committee strives to create and uphold policies that instill confidence in our industry by ensuring transparency in all transactions.

With the rising popularity of third-party remarketing and due to legal disclosure requirements in certain jurisdictions, the NAAA Auction Standards Committee was asked to create a policy. The policy requires sellers to disclose legal ownership of a vehicle prior to the sale. The method of disclosure should be similar to how other disclosures are presented by the auction company that facilitates the transaction.

The purpose of this policy is to continue our efforts to conduct transactions with transparency and to build credibility within our industry, our products and our relationships. Full disclosure of legal ownership prior to the sale of a vehicle strengthens a buyer’s confidence. It creates a consistent experience, which in turn benefits the seller and the auction, ensuring compliance with proper disclosure requirements.

Due to operational and technological requirements to adequately support the new NAAA arbitration policy: Sellers Responsibility, Section 3(4) - “If a vehicle is offered for sale by a Third Party, the legal owner must be disclosed by Seller prior to sale.”

The NAAA Standards Committee has agreed to extend compliance of Sellers Responsibility, Section 3(4) of the Arbitration Policy to June 1st, 2015. The extension will allow additional time for member auctions to share best practices that further support a consistent experience for both buyers and sellers.