2006 Code of Virginia § 46.2-1993.67:2 - Repurchase of vehicles, parts, and equipment in the event of involuntary discontinuation, cancellat...

46.2-1993.67:2. Repurchase of vehicles, parts, and equipment in the eventof involuntary discontinuation, cancellation, or nonrenewal of franchiseagreement.

A. In the event of any involuntary discontinuation, cancellation, ornonrenewal of a franchise agreement, the manufacturer or distributor shall,within 60 days from the effective date of the discontinuation, cancellation,or nonrenewal of a franchise agreement, repurchase at the price equal to theamount paid therefor by the motorcycle dealer, less all incentives andallowances received by the dealer (i) all new, unused, undamaged, andunaltered motorcycles, all-terrain vehicles, or off-road motorcycles of thecurrent or previous model year that the manufacturer or distributor sold tothe dealer, and (ii) any other such motorcycle, all-terrain vehicle, oroff-road motorcycle that it sold to the dealer not more than 180 days priorto the notice of termination. The foregoing provisions of this subsectionshall apply only if the dealer transfers to the manufacturer or distributorfull right and legal title to the motorcycle, all-terrain vehicles, andoff-road motorcycles prior to their repurchase.

B. In the event of any involuntary discontinuation, cancellation, ornonrenewal of a franchise agreement, the manufacturer or distributor shall,if so requested by the dealer within the same 60-day period, also repurchaseall genuine new and unused motorcycle, all-terrain vehicle, and off-roadmotorcycle parts and accessories that the manufacturer or distributor sold tothe dealer so long as such parts and accessories are undamaged, in theiroriginal packaging, and listed in the current parts and accessories pricelist of the manufacturer or distributor. Such parts and accessories shall berepurchased at a price equal to the wholesale price stated in the currentparts and accessories price list of the manufacturer or distributor, less allincentives and allowances received by the dealer and without reduction forsuch repurchase or for processing or handling the repurchase. The foregoingprovisions of this subsection shall apply only if the dealer transfers to themanufacturer or distributor full right and legal title to the parts andaccessories prior to their repurchase.

C. In the event of any involuntary discontinuation, cancellation, ornonrenewal of a franchise agreement, the manufacturer or distributor shall,if so requested by the dealer within the same 60-day period, repurchase thenew and used equipment that the manufacturer or distributor sold to thedealer at its then fair market value, including, but not limited to, signs,special tools, and manuals that the manufacturer or distributor required thedealer to purchase. The foregoing provisions of this subsection shall applyonly if the dealer transfers to the manufacturer or distributor full rightand legal title to the equipment prior to their repurchase.

(2004, c. 107.)