The National Aircraft Resale Association (NARA) has launched an initiative to improve the ethical standards for pre-owned aircraft transactions.
Following the association’s spring meeting, NARA has begun to work toward standardization for letter of intents (LOIs), requirements and certifications.
NARA’s initiative is designed to help the organization become the acknowledged leader in developing standards for efficient, effective and ethical business aircraft transactions. NARA’s highly skilled aircraft transaction professionals view a transformed industry as crucial to the success of their clients.
Brian Proctor, chairman at NARA, said, “Clearly, thousands of unregulated aircraft brokers create havoc for buyers and sellers of aircraft. With nominal entry barriers, no standardization for transactions and a fragmented industry, establishing standards and an accreditation program is critical for the industry.
“We have embraced the recent call for more ethical behavior from the National Business Aviation Association, and welcome similar initiatives by the National Air Transportation Association, European Business Aviation Association and International Business Aviation Council and others.
“The industry will be hearing much more from NARA about our ethics initiative in the future as we begin a social media campaign, more public relations and advertising and plan to make important announcements soon on how to achieve our long-term goals.”
All NARA members follow a strict NARA code of ethics, and the broker/dealer members must pass a rigorous certification process to assure the highest standards when buying and selling previously owned aircraft.