IADA open to new dealer applicants
July 8, 2019: IADA is now accepting applications to become accredited member dealers through till July 31, 2019. To become eligible for accreditation and membership dealers must meet rigorous standards including being in business for at least five years, averaging ten transactions annually, have at least three brokers in the firm, be recommended by three IADA member dealers.
Other requirements include signing the IADA Code of Ethics annually, list inventory on AircraftExchange.com, carry sufficient liability and errors and omissions insurance, and complete annual ethics and compliance training.
“No doubt, IADA’s minimum requirements are extremely rigorous and by design are the reason that the organization is now driving the aircraft transaction industry to the highest standards, which are in the very best interests of aircraft buyers and sellers,” said IADA Executive Director Wayne Starling. “We have engaged Joseph Allan Aviation Consulting, an independent third-party agency, to administer the process, ensuring the highest standards and that our dealers are the most respected and experienced professional experts in the traansaction industry.”
The Joseph Allan firm will contact the three sponsors listed on the application for feedback and IADA will announce new member applicants and ask the current membership to provide written feedback regarding applicants to Joseph Allan. Information obtained by Joseph Allan during the comment period will be sent to the IADA Membership Committee.
The IADA Membership Committee will review membership comments and make a recommendation to the IADA Board of Directors. If the IADA Board of Directors votes to approve an application after reviewing the IADA Membership Committee recommendation, then the dealer applicant will proceed to the next step in the process. Dealers are reaccredited every three years.
While only three percent of all aircraft dealers merit IADA accreditation, they handle more than 50 percent of the used business jet transactions. IADA represents a variety of product and aviation services that also operate with the highest professional standards in the industry.
IADA is a professional trade association formed more than 25 years ago. Promoting the growth and public understanding of the aircraft resale industry, IADA now offers the world’s only accreditation program for dealers and the only certification program for individual brokers. The process delivers high standards of business conduct and transparency regarding aircraft transactions, leading to a more efficient and reliable marketplace.