Nebraska Statutes 60-1401.04. Auction, defined
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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.
Terms Used In Nebraska Statutes 60-1401.04
- 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 Nebraska Statutes 60-1401.04
- Motor vehicle: means any vehicle for which evidence of title is required as a condition precedent to registration under the laws of this state but does not include trailers. See Nebraska Statutes 60-1401.25
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
- Trailer: means semitrailers and trailers as defined in sections Nebraska Statutes 60-1401.36
- Year: shall mean calendar year. See Nebraska Statutes 49-801