60-1401.04 Auction, defined. - Nebraska Statutes

60-1401.04. Auction, defined.Auction meansa sale of motor vehicles and trailers of types required to be registered inthis state, except such vehicles as are eligible for registration pursuantto section 60-3,198, sold or offered for sale at which the price offered isincreased by the prospective buyers who bid against one another, the highestbidder becoming the purchaser. The holding of a farm auction or an occasionalmotor vehicle or trailer auction of not more than two auctions in a calendaryear does not constitute an auction subject to the Motor Vehicle IndustryRegulation Act. SourceLaws 2010, LB816, § 16.