Salvage auto auction company Insurance Auto Auctions Inc. (IAA), a subsidiary of KAR Auction Services Inc., announced that Arkansas lawmakers passed a measure repealing requirements for a Buyer Identification (BID) card for the purchase of salvage vehicles at salvage auctions in the state.
IAA and industry leaders helped to convince lawmakers to pass Arkansas House Bill 1496, under which anyone who wants to purchase salvage vehicles may do so. There are no restrictions as to whom salvage vehicles can be sold. This bill was approved by the governor on Mar. 10, 2011, and will take effect in 90 days.
Insurance Auto Auctions works in concert with state and federal governments to facilitate legislation and regulation that ensures responsible business conduct and continue healthy expansion of the salvage auto auction industry. IAA carefully monitors codes and laws that can impact the insurance claims and salvage auto auction industries throughout the U.S.
With the inception of the National Motor Vehicle Title Information System (NMVTIS) in 2009, there is more transparency on vehicle registration and information at a national level. However, titling of vehicles as well as licensing of vehicle buyers is still managed at the state level.
Arkansas Bill 1496 was sponsored by Rep. Williams and introduced Feb. 22, 2011.
Source: Insurance Auto Auctions
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