NAMA strategy to focus on alternative fuels and EVs

The National Association of Motor Auctions (NAMA) has revealed its new strategy for 2022-23, which includes a focus on alternative fuels and electric vehicles (EVs).

Its vehicle grading teams are looking at the specific issues surrounding these vehicles and the subsequent impacts on residual values that may arise.

This includes sharing best practices with other vehicle remarketing associations across the globe, as their used vehicle markets get to grips with the same challenges of moving to zero emissions.

The organisation’s newly appointed chairman, Andrew Walker, said: “I am pleased to say our NAMA 22/23 strategy has been unanimously agreed by members and will see closer relations developed with worldwide sister trade bodies including the National Auto Auction Association (NAAA) in the USA, the Car Remarketing Association Europe (CARA) and the Auctioneers and Valuers Association of Australia (AVAA).

“We can share industry issues that affect our various markets and learn from each other, which at this time of colossal change will be highly valuable to all vehicle remarketing companies both physical and online. We are also talking to associations in Japan and the Middle East, markets where I have personal experience.”

Walker also praised members from the vehicle remarketing sector for their “outstanding” efforts during the COVID-19 pandemic.

NAMA has set up its own forums to focus on wider environmental and sustainability issues, cyber security, and codes of conduct.

This includes investigating the feasibility of extending its vehicle grading scheme to include LCVs by the end of 2022.

The organisation appointed Fleet Auction Group chief executive Andrew Walker as its new chairman in September. He replaced Stuart Pearson, CEO at British Car Auctions (BCA).