Iowa Admin. Code r. 761-480.4 - Auction requirements

(1) Auction. A public auction may be by electronic means, by sealed bid, or a conventional oral auction. The highest bidder is awarded the property. When the auction is a conventional oral auction, bidders shall register and bring the bid deposit with them to the auction on the day and at the location and time specified for the sale, if a bid deposit is required. Bidders bid against one another until bidding stops.

a. A police authority or a private entity designated by a police authority holding a public auction may set the initial bid at an amount that equals the actual cost of storage and towing.

b. A police authority or private entity is limited to two attempts at selling an abandoned vehicle at a public auction. If the police authority or private entity cannot make a satisfactory sale at two public auctions, or if a sale cannot otherwise be made with enough proceeds to cover the expenses and costs in carrying out the abandoned vehicle process, the police authority or private entity shall sell or dispose of the vehicle to a demolisher for junk.

(2) Advertisement. Any attempt to sell a vehicle by public auction shall be advertised at least seven days in advance using two or more modes of appropriate media widely accessible and targeted to individuals within the county where the auction will take place or where the vehicle is physically located. Appropriate media modes include the following:

a. A newspaper that meets the requirements set forth in Iowa Code section 618.3.

b. Notice posted in a conspicuous manner viewable to the public at the location where the public auction will occur or in a location where it is permissible to post community announcements. If the public auction is to be conducted by electronic means, the location means the specific website to be used for the auction.

c. Notice posted to a community website or on a social media platform available to the public.

(3) Bidder registry. Each auctioned vehicle sold or offered for sale at a public auction requires a bidder registry. The bidder registry shall be maintained for at least three years by the police authority or private entity designated by a police authority and open for inspection by any peace officer or department employee. The bidder registry shall contain:

a. The full name of the bidder.

b. The bona fide address of the bidder.

c. A telephone number of the bidder.

d. The date of the auction.

e. The auctioned vehicle's make, model, model year, and vehicle identification number.

f. The location of the auction.

(4) Odometer statement.

a. When an odometer disclosure statement is required pursuant to Iowa Code section 321.71 but the auctioned vehicle's seller cannot attest to the true mileage reading of the vehicle's odometer, the seller's odometer disclosure statement shall:

(1) Reflect the odometer mileage reading at the time of sale.

(2) Be marked indicating "odometer discrepancy," certifying the odometer mileage reading is not the actual mileage.

b. The subsequent title issued for the vehicle shall record the vehicle's mileage is "not actual."

Notes

Iowa Admin. Code r. 761-480.4

Amended by IAB November 4, 2020/Volume XLIII, Number 10, effective 12/9/2020 Adopted by IAB March 19, 2025/Volume XLVII, Number 19, effective 4/23/2025