The National Association of Motor Auctions (NAMA) is pleased to announce that it has been awarded the King’s Award for Enterprise for its used vehicle condition grading scheme.
NAMA launched its used vehicle grading scheme in the UK in 2013 in order to create a standardised expectation of vehicle condition for dealers buying vehicles sight unseen. The scheme aims to facilitate the buying and selling process of a used vehicle by ensuring a better understanding of its condition by both buyers and sellers.
With this improved understanding, both parties are able to anticipate a market selling price more accurately. Over 10 million vehicles have been graded by the scheme to date, with 90% of used vehicles being sold through auction using the scheme.
The King’s Award for Enterprise, which is highly coveted with only 200 initiatives presented for consideration each year, will be presented to the NAMA executive board at its Great Portland Street head office in London by His Majesty’s Lord Lieutenant for Greater London. A winner’s reception hosted by King Charles III at Buckingham Palace is planned for the summer.
NAMA Chairman Andrew Walker said, “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.”
