Issues with PPSR : We need your help!
VACC is seeking national dismantler and retail automotive industry engagement in a national survey concerning the Personal Property Security Register (PPSR).
Since 30 January 2012, PPSR has been the single national register of security interests in personal property. It replaced all state based Vehicle Securities Registers.
The PPSR is administered by the Australian Financial Security Authority (AFSA). In meetings with AFSA, VACC has discussed the impact on the automotive retail sector of the delayed discharge of security interest registrations from the PPSR by secured parties.
The Personal Property Securities Act 2009 mandates that some security interest registrations must be removed within 5 business days of the loan being paid out. It is vital that retailers are supported by secured parties on this matter as all vehicles sold by a licensed operator or auction houses must be sold with clear title.
In an attempt to highlight to AFSA the gravity of the issue, we are seeking your dismantler participation in a short 14 question survey regarding their experiences with the delayed removal of security interests. The survey can be accessed through the following:
All responses to the survey remain private and confidential and do not identify any respondent’s details. The data may be used to highlight to AFSA the extent of the impact this issue has on our industry.
VACC is also negotiating with AFSA to create greater and more cost-effective efficiencies for the dismantling industry.