NAAA Arbitration Policy and Certification Guidelines Update Notice – Effective August 5, 2024

Over the last several months, the NAAA Auction Standards Committee has worked hard to develop and implement Arbitration Policy and Certification Guidelines updates to add clarity, improve transparency, and better reflect the evolving nature of the industry. The policy updates are based on industry feedback, and the committee strived to gather input from the NAAA membership and customers about the policy updates.

The purpose of the updated Arbitration Policy and Certification Guidelines is to continue efforts to conduct transactions with transparency and to build consistency and credibility within our industry. It creates a consistent experience, which in turn benefits the seller, buyer, and the auction.

A summary of the NAAA Arbitration Policy and Certification Guidelines updates, which take effect Monday, August 5, 2024, can be found below:

• EV and Hybrid Battery Position Statement – Addresses evolving nature of this vehicle segment and amplifies the revised arbitration eligibility noted within the overall policy.

• NAAA Certification Guidelines – Includes editorial updates and simplified format for better clarity.

• Clarity of Seller Announcements – New policies to address the seller’s responsibility when using restrictive or limited announcements along with accountability for confusing, ambiguous, or deceptive disclosures.

• Altered Emissions – Added requirement that emission components that are altered or change/disable its intended function must be announced.

• Mechanical Modifications – Added requirement for disclosing major mechanical modifications or alterations (e.g., engine tuners or programming, high performance or racing alterations, turbo chargers, etc.)

• Appendix I – The appendix is now color coded by selling light and reorganized for easier reference. It is also now in PDF format and searchable by keyword.

The NAAA thanks all its Auction Standards Committee members for their work during this process. Their dedication and service to our industry are much appreciated, and the committee worked hard to develop recommendations for clarifying updates to the Arbitration Policy and Certification Guidelines.

Please take time to review the policy and guideline changes. All materials can be previewed at the links below. The updates are highlighted in yellow.

When the new policy takes effect August 5, 2024, all materials will be posted under the “Policy” section on www.naaa.com. As we have done in recent past, auctions may download and print their own copies of the documents posted on the website.

• New EV and Hybrid Battery Position Statement

• Updated NAAA Certification Guidelines

• Updated NAAA Arbitration Policy

• Updated Appendix I to Arbitration Policy

For any questions about the policy updates, please contact NAAA Auction Standards Committee Co-Chairs Kevin Cook (Kevin.Cook@coxautoinc.com) and Tommy Rogers (trogers@bscamerica.com).