CARMEL, IN – ADESA announced it adopted the National Arbitration Policy of the National Auto Auction Association (NAAA) at all of its U.S. auction locations, effective immediately. A committee representing key members of the remarketing industry recently updated and simplified the policy, “National Arbitration Policy: In-Lane and Online.” The NAAA Board of Directors then approved the policy, which took effect January 1, 2010.
Paul Lips, ADESA’s executive vice president of operations and finance, served on the committee. “Everyone involved dedicated the time necessary to examine the old policies and provisions and make them applicable for the entire industry. We touched upon so many different aspects—from online and in-lane sales, to standardized lights and a new arbitration matrix—to create a user-friendly, consistent policy that is relevant for all of the different auctions.” Lips added that the committee was careful to account for regional variances and allow for auction flexibility where needed. The NAAA is encouraging universal adoption by all auctions.
“This is a win-win situation for everyone: the commercial sellers, the dealers, the auctions and the industry,” said Lips. “It creates consistency for buyers and sellers alike—no more deciphering different arbitration policies within the same region or within the same auction chain. It gives the auctions a fair and standard process for arbitration, and it establishes a unified policy for the entire industry regardless of whether the vehicle was sold in-lane or online.”