FREDERICK, MD – Dave Angelicchio is focusing the National Auto Auction Association’s (NAAA) attention to providing value to both members and their customers as he plans the upcoming year as the Association’s President. He has spearheaded a campaign to promote the NAAA “Value Proposition” of knowledge, leadership, and standards. This is designed to familiarize all members of the industry with the values and best practices shared by all NAAA member auctions.
“Trust, ethics, and fair practices are critical to the success of our industry, and I want to make sure that every member of our Association, every auction employee, every buyer and every seller is aware of the core values to which we subscribe,” said Angelicchio. “Adherence to these values is a requirement of NAAA membership and a vital component in every auction transaction. Because of those core values, a buyer or seller can choose an NAAA auction with confidence, knowing that their business will be handled fairly and with consistently, whether that customer is doing business online or at a physical auction, at an auction across town or across the country.”
Angelicchio identified 10 key components in the NAAA’s Value Proposition:
Trust: NAAA member auctions provide the most trusted, fair and neutral environment for the purchase and sale of wholesale vehicles.
Ties to Physical Auctions: Online NAAA auctions are tied to NAAA physical auctions which means they have the same review process and criteria for membership and share the same good business reputation, interest in fair play, ethics, and financial stability that physical NAAA auctions provide.
Code of Ethics: The NAAA code of ethics features language geared to protect dealers’ interests, stressing protection of every customer’s interests, emphasis on honesty and ethics, and demand for fairness in business dealings.
Financial Stability: The NAAA carefully scrutinizes all membership applications for financial stability, so that dealers can feel safe when buying and selling at an NAAA auction.
Documentation of Transactional Integrity: Each NAAA auction is required to maintain specific documentation that supports the actual bid price, sale price and associated fees to ensure fair business dealings.
Insured Checks and Titles: NAAA auctions carefully review every title transaction in order to protect buyers. Every check and title is insured.
Promotion of Seller Disclosure: Although procedures at all wholesale auctions are not identical, NAAA auctions are committed to promoting and emphasizing sellers’ disclosures.
Approved Arbitration Support: All NAAA auctions have procedures for investigating and resolving issues that arise between buyers and sellers. These services are always handled at no charge to the customers.
Partnering with Customers without Competition: The NAAA requires that member auctions will not allow retail transactions as part of their principal business.
Fairness and Standardized Practices: NAAA has been at the forefront of many efforts to protect dealers’ interests when buying and selling at the auction, including its most recent work to standardize arbitration procedures and condition reporting. The NAAA’s stance to combat odometer and disclosure fraud has proven the organization’s commitment to building trust and fairness through the entire wholesale vehicle auction process.
Download Value Proposition Poster.
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