Virginia law § 46.2-1573.18 grants manufacturers or distributors the right of first refusal when a dealership is sold or transferred, under specific conditions. They must notify the dealer within 45 days, ensure the sale terms are fair, and the transfer excludes family members or related parties. Additionally, manufacturers can be responsible for reasonable expenses incurred during negotiations.
It allows manufacturers or distributors to match or exceed the terms of a proposed dealership sale or transfer before it is finalized.
They must notify the dealer in writing within 45 days of receiving the completed proposal for the sale or transfer.
No, the law excludes transfers involving family members, qualified managers, or controlled entities.
Yes, they can be reimbursed for reasonable expenses, including attorney fees, incurred before exercising their right of first refusal.