What the DOJ’s Notice Means for Buyers and Tradersfor Dealers on Thursday, November 17, 2022 by Kelly McNeice
On November 10th, the Department of Justice issued a letter to reporting entities following the damage from Hurricane Ian. This letter informs those who report through the National Motor Vehicle Title Information System (NMVTIS) that they are required to report flood-damaged vehicles following the storm. Those entities who fail to comply will be subject to civil action and penalties from the Bureau of Justice Assistance (BJA). This letter also states that since there will be an increase in the number of non-repairable, flood-damaged automobiles that poses a risk to consumers, reporting will be closely monitored.
What does this mean for Dealers and other vehicle buyers and traders? When purchasing and trading vehicles for your lot, it will be more important than ever to run a NMVTIS check for flood damage following the storm. Reporting entities are required to include all flood damage information to avoid penalties and fines, which will help dealers determine if they want to purchase a vehicle!
Auto Data Direct is an approved NMVTIS data provider, so you will be able to run your title check reports through your account with ADD. These reports provide information from a vehicle’s current title, including brand history, title history, odometer readings, and of course, salvage and total loss information. Buyers, don’t get stuck with a flood-damaged vehicle on your lot, check NMVTIS before you buy or trade!
To view the original letter, click here!
If you have any questions regarding NMVTIS reporting, records, or this letter, don’t hesitate to email us at email@example.com or speak to one of our friendly and knowledgeable customer service representatives at 855-300-3455