SACRAMENTO, CA – California Governor Jerry Brown has signed a bill that requires all car dealers in the state to post a disclosure notice on all used cars they sell that the National Motor Vehicle Title Information System (NMVTIS) identifies as having a junk, salvage or flood branded title.
LITTLE ROCK, AR - Arkansas Gov. Mike Beebe on March 10 signed legislation that removes restrictions on who can buy salvage vehicles at auction in the state. The new law, which will take effect 90 days after the bill's signing, opens salvage auto auctions to the public.
Fleets are exploring non-traditional remarketing channels, such as online auctions, as they try to squeeze higher residual values while operating under the strains of reduced budget dollars and declining internal resources.
PHH createds Web-based information system to assist insurance companies in keeping track of vehicles they need to sell as salvage.
Vehicles damaged in accidents or during natural disasters are often viewed as total losses. However, selling damaged vehicles through a salvage auction is a fast way to dispose of these units and reduce this loss.
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