The following is an outline of the Motor Vehicle Buyers' Agent Classification for which N.A.B.A. is lobbying every State to legislate and each State's Department of Motor Vehicles to regulate. In addition, this outlines the tenets of the National Association of Buyers' Agents.
Linda Lee Goldberg, Chairperson, NABA.
- The Buyers' Agent will be defined as an advocate and consultant who represents the consumer and as such, functions with no conflict of interest.
- The Buyers' Agent qualification requires a minimum of two years previous experience directly related to automobile sales, leasing and financing.
- All Buyers' Agents are required to disclose the total amount of Buyers' Agents' fees prior to providing service to consumers. The Buyers' Agent must maintain a fiduciary responsibility to the consumer.
- The Buyers' Agent will be prohibited from the buying and selling of vehicles and must abstain from any profits generated from any sale or resale of vehicles.
- The Buyers' Agent will be prohibited from receiving rebates, commissions, kickbacks, fees, any form of compensation or anything of value from a dealer, manufacturer, lender, advertiser, or other entity except directly from a consumer.
- The Buyers' Agent is prohibited from holding any form of dealer or sales licensing.
- The Buyers' Agent must maintain a current business license or permit.
- The Buyers' Agent will be prohibited from receiving or accepting deposits or payments for vehicle acquisitions.
- The Buyers' Agent will not provide any service that offers a vehicle for sale, or that induces or attempts to induce any person to purchase a motor vehicle from any dealer or group of dealers.
Effective 7/25/93, in the State of Washington, legislation created House Bill 1893, a Motor Vehicle Buyers' Agent License. Automobile brokers are now illegal in Washington. In 1997, Buyers' Agents legislation was approved in Hawaii.
Revised/Copyright © 1998, NABA.
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