Uniform Standards for Diminished Value Appraisals
Point # 1 ...
Diminished Value Appraisers shall engage in their vocation without consideration of opinions or desires expressed by any client retaining their service.
Point # 2 ...
Diminished Value Appraisers shall have NO vested interest in the values they express.
Point # 3 ...
No Unsupported Hypothetical formula (ie: Formula “17c” or any “Proprietary” version thereof) shall be utilized in defining the Post-Repair Residual Inherent Diminished Value of any vehicle. Such unsupported hypothetical formulas fail to reflect Real World Market Conditions.
Point # 4 ...
The process of defining a Post-Repair Residual Inherent Diminished Value shall involve ...
- Defining the Pre-Loss Fair Market Values (Resale / Trade-In) of a subject vehicle
- Defining the Amount a fully informed consumer buyer may be willing to pay for a Damage History vehicle
- Defining the Amount a fully informed dealer / reseller may be willing to pay for a Damage History Vehicle
Point # 5 ...
Auction Sales Results may be relied upon to the extent such data reflects the Net proceeds paid to the Consumer seller after all Fees, Expenses and Commissions are deducted.
Point # 6 ...
Assess a level of Damage Severity and identify any residual evidence of a Damage History.
Point # 7 ...
Physical Inspection of a subject vehicle is essential if a Diminished Value assessment is going to address Repair and / or Repair Warranty related issues.
