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Senior
lawmakers press for Legislation to disclose
totaled and flooded vehicles to public
Each year more than 5 million vehicles are "totaled" by
insurance companies. Unfortunately,
thousands of these vehicles are sold each
year at salvage auctions, rebuilt and
re-enter the market with clean titles, so
consumers, wholesale auto auctions and
dealers may have no way to learn about the
total loss.
Senior lawmakers, led by Sen. Trent Lott
(R-Miss.) and Rep. Cliff Stearns (R-FL) have
introduced legislation to ensure that
totaled and flood-damaged vehicles—"Katrina
cars" for instance--are permanently
"red-flagged" so that used car
buyers--consumers and auto retailers--can
make more informed decisions about the
safety and fair market value of a used
vehicle.
The National Automobile Dealers Association
(NADA) and a coalition comprised of
automakers, service organizations and
others, have been working to build
bipartisan support for legislation requiring
insurers to make total-loss data available
to the public.
Insurance companies already collect
total-loss disclosure information, but do
not provide this valuable information to
consumers. This information, plus the reason
for the total loss (flood, collision,
stolen, etc.), the date of total loss, the
odometer reading on that date, and whether
or not the airbag deployed, could be easily
disseminated through vehicle history
providers. This total-loss information would
make vehicle history reports more timely and
complete. For more information, please
visit:
http://www.NADA.org
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