60-1401.04. Auction, defined.
95 words·~1 min read·
/ne/chapter-60/60-1401-04A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Auction means a sale of motor vehicles and trailers of types required to be registered in this state, except such vehicles as are eligible for registration pursuant to section 60-3,198 , sold or offered for sale at which the price offered is increased by the prospective buyers who bid against one another, the highest bidder becoming the purchaser. The holding of a farm auction or an occasional motor vehicle or trailer auction of not more than two auctions in a calendar year does not constitute an auction subject to the Motor Vehicle Industry Regulation Act.