Buying & Selling at Auction
The vehicle auction industry is a major contributor to the success of the UK’s used vehicle market — a transparent, accountable route to sell stock fast and source the vehicles your customers want.
A trusted route to buy and sell
The vehicle auction industry in the UK, and the wholesale function it provides, is a major contributory factor to the success of the used vehicle market in the country. Auctions are a major source of quality used vehicles and provide an important barometer of the underlying market — both supply and demand.
They provide access to large numbers of buyers for those wanting to sell, and access to large numbers of vehicles for those who want to buy. An important factor is the transparency of transactions through an auction, as auctions must be accountable to both buyers and sellers.
“For many businesses, auctions are the sale route for disposing of vehicles and sourcing replacement vehicle stock.”
Higher, faster returns
Auctions often achieve higher values than trading a vehicle, and are the fastest, most cost-effective way to convert assets into cash.
Choice & sourcing power
A large choice of vehicles lets retailers buy for a balanced stock profile, and easily source what customers demand.
Title indemnity
Buyers are provided indemnity against loss through defect in title on vehicles bought at a NAMA member auction.
Code of Practice peace of mind
All NAMA members sign up to a Code of Practice, giving both buyers and sellers peace of mind.
How Will Using Auctions Help My Business?
Whether you’re clearing stock or sourcing it, the auction route is built to work for both sides of the transaction.
Selling
- Often achieves higher values than trading a vehicle.
- The fastest and most cost-effective way of converting vehicle assets into cash.
- Converts over-age and part-exchange vehicles into cash to invest in fresh stock and keep cash flow moving.
Buying
- A large choice of vehicles allows retailers to purchase for a balanced stock profile.
- Easy to source the vehicles demanded by customers.
- Indemnity provided against loss through defect in title.
- All NAMA members sign up to a Code of Practice, giving buyers (and sellers) peace of mind.
Added Value Services
The majority of auction companies provide a range of services beyond auctioneering vehicles.
Transport & Logistics
Inspection Services
Insurance
Stock Finance
Stock Profiling
Vehicle Preparation
Online Sales
Online Catalogue Listings
Market Intelligence
Online Vehicle Tracking
Vehicle Storage
Document Storage
Training
NAMA Customer Charter
The majority of auction companies provide a range of services beyond auctioneering vehicles.
To promote best practice in the industry.
To be fair to both seller and purchaser.
To protect the purchaser against defect in title.
To commit to the NAMA Code of Practice.
To ensure all staff are familiar with customers’ rights under the Code.
To have an easily identifiable procedure for handling complaints.
To provide access to an independent arbitrator facility.
Nama Code of Practice
All members of NAMA must adhere to the Association’s Code of Practice.
The Code of Practice lays down not only a code of conduct but a complaints and dispute resolution process. We would advise all customers and members in the first instance to try and resolve any issues directly with each party. However, if a dispute cannot be resolved between a NAMA member and a customer, the National Conciliation Service (NCS) offers an arbitration and conciliation service. They may be contacted on 01788 538317.