The National Aircraft Resale Association (NARA) is launching a campaign to improve the ethical standards for preowned aircraft transactions. It already had developed Code of Standards and Certified Aircraft Brokers programs for members but is moving forward with a multi-pronged effort that is designed to raise further awareness on the need for ethical behavior industry-wide, as well as push for increased standardization.
"Thousands of unregulated aircraft brokers create havoc for buyers and sellers of aircraft," said NARA chairman and Mente Group CEO Brian Proctor, adding that a lack of standardization for transactions, a fragmented industry, and low barriers for entry are making the need for standardization and accreditation all the more important.
NARA is working with industry to establish standardization for letters of intent, requirements, and certifications. “The organizational focus is centered on standardizing transactions; accrediting qualified, experienced, and professional brokers who demonstrate proven ethical behaviors; and increasing data integrity," said Proctor.
The group is planning outreach on the ethics initiative through a social media campaign, additional public relations, and advertising, Proctor said, adding the association will “make important announcements soon on how to achieve our long-term goals.” NARA’s board decided to move ahead with the initiative during its spring meeting, held late last month in Scottsdale, Arizona.
"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.