The National Aircraft Resale Association (NARA) has 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, he noted.
Shaping the Aircraft Transaction Industry
Consequently, NARA has begun to work towards standardization, requirements and certifications. The organization strives to be the collective force influencing and shaping the aircraft transaction industry, according to officials.
“How do we obtain success for our clients?” Proctor asked. “The organizational focus is centered on standardizing transactions, accrediting qualified, experienced and professional brokers who demonstrate proven ethical behaviors, and increasing data integrity.”
“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 broker/dealer members must pass a rigorous certification process to assure the highest standards when buying and selling previously owned aircraft, officials explain.
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 a 14-point Code of Ethics that provides standards of business conduct regarding aircraft transactions.