OMVIC launches auctions guideline to support registrants

Recent supply chain issues mean that dealers are turning to auctions more often. As a result, some dealers find themselves in situations they’re not sure how to handle. As part of its commitment to be a modern regulator, OMVIC is offering guidance on how best to support the industry and protect consumers – including those involved in auctions – given today’s environment.

What does this guideline contain?

In summary, the auctions guideline outlines:

• Who is and is not allowed to participate in auctions
• The auction card and ID requirements for those who are participating
• The rules for operating a wholesale auction
• The different kinds of auctions that are eligible for exemption from OMVIC registration, and what they have to do to retain that exemption.

OMVIC will be hosting an informational webinar to address any questions or comments on Tuesday, May 23rd at 11:00 a.m. Click here to register through Zoom.

Note: This information was created to assist dealers/salespeople and is not a legal document. Registrants are encouraged to obtain independent legal advice.

Questions?

The dealer support team is available to assist dealers in achieving and maintaining compliance with the MVDA. Please contact dealer support at [email protected] or by calling 1-800-943-6002 and leave a message if you have any questions or concerns. Messages are returned in a priority sequence.