F&I Management & Training

AN Act of Parliament that will simplify the process of buying and keeping a cherished number plate for a vehicle has received royal assent and has passed into law, thanks to ongoing support by the Cherished Numbers Dealers Association, a part of the Retail Motor Industry Federation (RMIF).The Vehicle Registration Marks Act will greatly reduce the potential for fraud. Robert Wicken, CNDA chairman, said: ‘Now the Act has passed into law, consumers and cherished number dealers will get a process that provides more choice and flexibility.’ The Act will lead to a new regime where the keeper can grant retention rights directly to the purchaser. For most transactions this will make the process simpler. The outgoing regime made it possible for bogus sales to take place, where the seller takes the buyer’s money but never provides the plate, or the documentation to renew the retention certificate.

DATED: 26.07.07

FEED: HC