April 30, 2018 - The National Aircraft Resale Association (NARA) launched an aggressive initiative to improve the ethical standards for pre-owned aircraft transactions following its spring board meeting.
"Clearly, thousands of unregulated aircraft brokers create havoc for buyers and sellers of aircraft," said NARA Chairman Brian Proctor. With nominal entry barriers, no standardization for transactions and a fragmented industry, establishing standards and an accreditation program is critical for the industry, Proctor said.
Shaping the Aircraft Transaction Industry
Consequently, within the industry, NARA has begun to work towards standardization for LOIs, requirements and certifications. The organization strives to be the collective force influencing and shaping the aircraft transaction industry.
Proctor said, "How do we obtain success for our clients? The organizational focus is centered on standardizing transactions; accrediting qualified, experienced and professional brokers who demonstrate proven ethical behaviors; and increasing data integrity."
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.
"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," Proctor said.
"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," he said.
Strict Code of Ethics
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. Ultimately, they are recognized as NARA Certified Aircraft Brokers and Dealers. NARA Products and Services Members represent a variety of aviation services that operate with the highest professional standards in the industry.
NARA, a professional trade association formed more than 25 years ago, is comprised of selected aircraft sales and brokerage businesses that are NARA Certified and aircraft product/services companies that adhere to the highest professional standards. Promoting the growth and public understanding of the aircraft resale industry, NARA's members abide by an elite 14-point Code of Ethics that provides standards of business conduct regarding aircraft transactions.
NARA is working to raise awareness of the unfortunate ramifications of transactions involving brokers, dealers and aviation advisors who do not subscribe to high ethical standards. More info on NARA is available at www.naraaircraft.com.
for National Aircraft Resale Association
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