The Notary Details: A Key Focus in the Start of the Second-Hand Market’s New Era – Latest Updates
Ministry of Commerce Implements New Measures to Combat Stocking and Exorbitant Prices in Automotive Sector
The Ministry of Commerce has recently intensified its efforts to combat stocking, exorbitant price practices, and speculative price increases in the automotive sector. In addition to implementing various measures, the Ministry has also stepped up inspections to ensure compliance.
One important measure taken by the Ministry is the amendment of the Regulation on the Trade of Second-Hand Motor Vehicles. As of July 6, the marketing of second-hand vehicles through advertisements is restricted until January 1, 2024, if the price exceeds the current sales price recommended by the manufacturer or distributor. This restriction applies to both individual and commercial advertisements by real and legal persons.
According to the regulation, advertising platforms will warn individuals and businesses if they post advertisements that violate the restriction. Despite the warning, any information regarding those who continue to post such advertisements will be forwarded to the Ministry by the platform.
It is crucial for individuals and businesses to adhere to this regulation to avoid administrative fines. Any advertisement that violates the regulation will be considered as “second-hand motor land vehicle trade,” and those responsible may face an administrative fine of up to 300 thousand liras.
Furthermore, the Ministry has extended the implementation period of marketing and sales restrictions related to the mileage of second-hand vehicles. This extension will remain in effect until January 1, 2024, and it also includes restrictions on the sales of vehicles that violate this regulation.
As part of these restrictions, notary public offices have been instructed to prevent sales by individuals and businesses who sell at least 3 second-hand motor vehicles without a license, as well as those who sell with a license to trade second-hand motor vehicles, in violation of the 6-month 6,000-kilometer regulation.
The Ministry has identified around 4,800 individual and corporate sellers who sold more than 3 second-hand motor vehicles without a license in 2023. These sellers have been requested to defend their sales, and fines may be imposed on them in the future.
The Ministry will continue to conduct widespread and intensive inspections across the country to ensure compliance with these regulations.
In addition to these measures, the Ministry has been taking significant actions against stocking activities. So far, administrative fines totaling 75.2 million liras have been imposed on businesses involved in transactions contrary to marketing and sales restrictions. Additionally, unauthorized dealers have been fined, and the authorization certificates of some authorized dealers have been revoked for engaging in unfair practices.
Since assuming office, Minister of Commerce Ömer Bolat has held meetings with representatives of the automotive sector and ensured that new measures are being implemented. Minister Bolat stated that advertisement sites have been warned not to list second-hand prices higher than the prices of new vehicles. He expressed confidence in achieving market stability in the coming weeks and emphasized that the Ministry has other instruments at its disposal to address the issue.
Aydın Erkoç, Chairman of the Motor Vehicle Dealers Federation (MASFED), highlighted the positive impact of the regulations and inspections on the vehicle sales market. He noted that the market is beginning to relax, with dealers now actively seeking customers. Erkoç also mentioned that the manipulation of prices has started to diminish, and as the availability of new vehicles improves, second-hand prices are expected to decline naturally.
With these new measures and intensified inspections, the Ministry of Commerce aims to create a fair and transparent automotive market, protecting consumers from stocking and exorbitant prices while promoting healthy competition among businesses.
