The National Aircraft Resale Association (NARA) announced today that the organization has added two new points to its longstanding Code of Ethics.
Founded in 1991, NARA was formed by 12 companies determined to work together to promote the pre-owned aircraft industry. These NARA members defined rigorous ethical guidelines in an effort to improve the industry and better serve clients.
“NARA members today are still required to uphold these ethical points,” says Paul Kirby, NARA Chairman and Managing Partner of Cerretani Aviation Group, LLC. NARA’s original Code of Ethics had stayed constant throughout its existence, Kirby says, even as the organization has grown to more than 60 members, several of them “associate” members. Associate members are companies who serve and work with the pre-owned industry but who are not aircraft brokers or dealers.
This year, Kirby says, NARA has added a couple of new points to the code. These new ethical standards are applicable to all members, not just the broker/dealer members.
“The original code of ethics was very operationally oriented in terms of specific aircraft transaction details,” says Paul Kirby, NARA Chairman. “With the growth of our associate member community, comprised of members from all segments of the industry, we felt it was important to have a handful of distinguishing ethical standards that applied to all members.”
Following are the items the NARA membership has identified as the best ethical practices for those in the business aircraft resale industry. The first two points are the ones that were added this year.
National Aircraft Resale Association Code of Ethics
I. Will create and maintain a reputation for honesty, integrity and transparency and shall adhere to the highest ethical standards in their dealings with other members, their respective clients, and all other parties.
II. Shall be committed to constantly improving the quality of their services, products, and operations in order to provide a superior level of service, knowledge, and value to their respective customers.
III. Shall accurately represent their authority to show, demonstrate or sell an aircraft.
IV. Shall, as expeditiously as possible, submit to the seller all offers received. Once an offer has been accepted, all prospective purchasers, if any, will be informed of the accepted offer.
V. In attempting to secure an exclusive listing, shall not deliberately mislead the owner as to the market value of the aircraft.
VI. When specifically acting as exclusive agent for buyer or seller, shall not accept compensation from more than one party to a transaction without the full knowledge of the principal(s) to the transaction.
VII. Shall compensate, directly or indirectly, employees of the parties to a transaction only with the written knowledge of the subject party.
VIII. Shall present to the best of their knowledge accurate specifications of an aircraft for sale, and make truthful representations to the public.
IX. Shall avoid exaggeration, misrepresentation or concealment of all known pertinent facts relating to a transaction.
X. Shall provide a level of competent service in keeping with the highest standards of business and professionalism in the field of aircraft resale.
XI. Shall reveal their true ownership or interest in any aircraft they represent to the purchaser or his representative.
XII. Shall disclose any interest in other entities whose services they suggest or recommend that a client or owner use, and shall disclose any financial benefit they may receive as a result of the use of these services.
XIII. Shall make full disclosure of charges and costs associated with any agreement.
XIV. Shall use reasonable care to ensure that documents pertaining to the purchase and sale of aircraft are kept current through the use of written extensions or amendments.