ADESA Ushers in New NAAA Arbitration Policy
CARMEL, Ind. — ADESA announced Monday that it has implemented the National Auto Auction Association's National Arbitration Policy at all of the company's U.S. locations, effective immediately.
Basically, a committee consisting of representatives from key members of the remarketing industry recently updated and simplified the "National Arbitration Policy: In-Lane and Online" policy, and these modifications were then approved by the NAAA Board of Directors.
"Everyone involved dedicated the time necessary to examine the old policies and provisions and make them applicable for the entire industry," noted Paul Lips, who is ADESA's executive vice president of operations and finance. He served on the committee.
"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," he added.
Lips also noted that the committee made sure it considered regional differences and allowed for auction flexibility, if need be.
NAAA is urging universal adoption.
"This is a win-win situation for everyone: the commercial sellers, the dealers, the auctions and the industry," Lips shared.
"It creates consistency for buyers and sellers alike-no more deciphering different arbitration policies within the same region or within the same auction chain," he continued. "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."