Making a Profit When Selling Your Used Vehicle
There are steps that can be taken to make the transaction faster and easier, regardless of whether you are selling a used automobile or motorcycle privately or as a motor vehicle dealer.
- You are required to have a license to operate as a motor dealer if your business involves the sale of motor vehicles.
- Within 14 days, you are required to submit a Notice of Disposal (NOD).
- The Motor Dealers and Repairers Act 2013 and the Australian Consumer Law impose a variety of duties and responsibilities on automobile dealerships.
When you sell your vehicle privately, you will need to work together with the buyer to fill out the Notice of Disposal form that is located on the back of the registration papers.
Notice of Disposal, abbreviated as "NOD,"
To avoid paying a late lodgement fee, you need to make sure that you fill out the Notice of Disposal (NOD) form and submit it to Service NSW within 14 days of the private sale. For drivers in NSW, you can do this online, by mail, or in person at a service center.
Your name and signature are included on the NOD, in addition to the registration number of the vehicle, the date and price of the sale, and the details of the new owner. Your name will be removed from the registration of the vehicle, and the NOD will ensure that you are not responsible for any driving violations that may be issued to the new driver.
Some additional things to think about after the sale:
- e-tags for tolls require that you remove the e-tag from the vehicle and delete the vehicle's registration number from your account in order to avoid being charged for the new owner's tolls.
- number plates that are personalized or otherwise special – if you sell your vehicle along with the number plates, you have the option to transfer the number plates.
You are required to obtain a license as a motor dealer if your business involves the sale of motor vehicles.
How to get a license to sell motor vehicles
In order to submit an application for a motor dealer license to Service NSW, you are required to:
- be older than 18 years old.
- be a person who is physically and mentally capable of holding a license.
- avoid being a controlled member of any organization that is publicly disclosed.
- not be someone who is barred from holding a license for any reason
- not be an undischarged bankrupt
- If you are an adult and have not been convicted of dishonesty or stealing a motor vehicle in the past ten years, you are not eligible for this program.
- possess an adequate amount of financial resources to continue operating the business
- have current approval from the local council that enables you to operate the business that the license application relates to In most circumstances, this will likely involve obtaining a development approval (DA). Before submitting an application, it is highly recommended that you get in touch with your local council and ask for more details.
- You have the option of applying for a license valid for 1, 3, or 5 years.
In addition to the general provisions for businesses that can be found in the Australian Consumer Law, the Motor Dealers and Repairers Act 2013 also contains specific requirements that must be met by motor dealers.
You are required to post a sign in every single one of your notified locations in which you conduct business. On the approach to the establishment, the sign has to be visible to everyone and must contain the following information:
- licence name
- "licence number," "License," and "Lic" No ' (or another abbreviation of a similar length) followed by your license number, which must begin with the MD prefix.
- If it is nominated on the license, the business name may be displayed on the sign; however, it may not be used in place of the licensee's name.
You are required to maintain a register that documents the purchasing and selling of motor vehicles. If you conduct business from more than one location that requires a license, you are required to keep a register at each location.
The keeping of a register can either be done manually or through the use of data processing equipment. Entries in a register are required to be made within one business day of the transaction, and registers are required to be kept for a period of six years after the entry that they most recently contained.
When you sell certain vehicles, you are required to keep records of certain notices.
At the time of sale, all pre-owned motor vehicles that are being offered and displayed for sale are required to have a notice available for the buyer. After the sale of a motor vehicle, you are required to keep a copy of the notice from the motor dealer in your possession for a period of three years.
In the event that notices are generated electronically, each and every copy that is generated must be saved, including any that are incorrect or contain errors, and filed in a loose-leaf folder in numerical order according to the form entry number.
Consignment selling is when an authorized dealer of motor vehicles (the consignee) makes an agreement with the private owner (the consignor) of a motor vehicle to sell the vehicle on the owner's behalf. It is required that the automobile dealer have a written agreement, and after the sale, the automobile dealer will pay the owner the agreed-upon sale proceeds.
If you plan to sell motor vehicles on consignment, you are required to let us know in advance.
It is important that all communications be understandable, brief, and truthful. Both parties must be aware of their roles in the transaction, and taking the time to ensure that customers completely understand what they are purchasing is one way to reduce the number of issues and complaints received:
- Make sure the person signing the document understands what they are agreeing to.
- Use language that is easy to understand and stay away from jargon, acronyms, and other forms of technical language.
- If necessary, you should think about utilizing the Translating and Interpreting Service (TIS).
- meet all legislative requirements
- The material that is being offered must clearly explain what is being provided, whether it be in the form of signs, letters, advertisements), videos, or website content.
It is in the best interest of both parties, once there is an agreement on a sale, to put that agreement in writing, with clear information about everything including but not limited to the following:
- deposits and payments
- information regarding any extended warranties or dealer guarantees that may apply to the vehicle
- any additional terms and conditions that might be relevant
Prior to the purchase, car dealers are obligated to give customers transparent documentation outlining the inclusions and exclusions of any dealer guarantees or extended warranties that are included in the sale of the vehicle. This documentation must be provided in the event that the vehicle is going to be sold with such a guarantee or warranty. During the period of the dealer guarantee, if a customer's vehicle requires repairs that must be performed at the dealership, the amount of time that the customer must go without their vehicle is added to the total number of covered miles.
If you publish advertisements relating to motor vehicles, you are legally obligated to fulfill a number of requirements.
The Motor Dealers and Repairers Act 2013, the Motor Dealers and Repairers Regulation 2014, and the Australian Consumer Law all apply to published advertising of new, used, and demonstrator motor vehicles, and this includes both print and online advertising.
Make sure that the following are included in the advertisements:
- number of the company's telephone
- the license plate number of the motor vehicle that is being advertised
- In advertisements, the phrase "on road costs" or any other expression that is conceptually similar may not be used to describe statutory charges.
Advertising that is directly tied to prices
The advertised price is a significant consideration in advertising and must not contain any elements that are false or deceptive.
Promotion of odometer readings through advertising
It is required that the odometer reading that is displayed on an advertisement be accurate.
Promotion of wrecked automobiles through advertising
Any advertisement that sells a damaged vehicle must include a disclosure statement stating that the vehicle has been damaged and whether or not the damage has been repaired (unless the vehicle is being sold as a used motor vehicle). This notice is required to be presented in writing, and it must be of comparable size and prominence to the price.
Advertisements that are both false and misleading
Statements or representations in advertisements should not be made that are not true, have the potential to mislead or deceive consumers, or both. Take, for instance:
- When the phrase "drive away" (or something similar) is used, the customer should not expect to pay any more than the price that is advertised, and they should also not expect to receive any additional services.
- Consumers shouldn't be misled by advertisements through statements or pictures that misrepresent the kind of vehicle or the level of quality it has by any means.
Please find below a temporary advertisement that can be utilized in the event that there is spare room. It serves as a warning to prospective buyers of automobiles to check the advertisement details.
- the name of the licensee (whether it be an individual, a company, or a business), as well as their phone number
- the words license number or an abbreviation of a similar nature, followed by the individual's license number.
- the vehicle identification number of used automobiles (for which a price has been provided).
- The total amount of money that the dealer asks for new vehicles.
- disclosure that additional fees, such as those imposed by governments and regulatory agencies (if they are not already included in the price)
The Australian Publishers' Bureau assisted in the production of this information, which was then made available to you. A misleading advertising campaign can be stopped before it reaches consumers with the assistance of publishers. This has positive repercussions for the community and contributes to the general improvement of advertising's quality and credibility.
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