- Over 10 million used vehicles already benefit from NAMA vehicle grading
- 90% of used vehicles sold through UK vehicle auctions now utilise the scheme
The National Association of Motor Auctions (NAMA) has announced that its used vehicle condition grading scheme has received the King’s Award for Enterprise.
In 2013 NAMA launched its used vehicle grading in the UK (operated under licence between NAMA and its members) which was developed to deliver key benefits to all parties involved in the used car sales transaction.
It was designed to facilitate the buying and selling process of a used vehicle in a condition that is better understood by both parties. With a better understanding of a vehicle’s condition, it is now possible for both buyers and sellers to anticipate a market selling price more accurately.
To date over 10 million vehicles have been graded by the scheme and it is now recognised on the world stage with other remarketing associations in Europe and Australia keen to learn more about its workings. With 90% of used vehicles being sold through auction using the scheme it has become an invaluable support to the buying and selling process.
The King’s Award for Enterprise is highly coveted with just 200 initiatives being presented for consideration each year. The award will be physically presented by His Majesty’s Lord Lieutenant for Greater London to the NAMA executive board at their Great Portland Street head office in London. This will be followed by a winner’s reception hosted by King Charles III at Buckingham Palace planned for the summer.
NAMA chairman Andrew Walker commented: “It is a great honour to receive the King’s Award for Enterprise and a wonderful recognition of the contribution our members have made and continue to make in the development and maintenance of the used vehicle grading scheme.
“It took four years to bring the scheme to market and a further two years to create the training modules and professional qualification now held by over 1,000 vehicle appraisers across the UK. This year will see further exciting developments with the scheme as it evolves to meet the ever-changing needs of the motor industry,” he added.
Founded in 1969 NAMA is an association within the Retail Motor Industry Federation and represents vehicle auction companies within the UK, both large and independent companies covering 73 member sites and employing over 5,000 staff. Last year the membership was responsible for over two million vehicle sales with a combined sales value in excess of £20 billion.