This law allows manufacturers or distributors in Virginia to exercise a right of first refusal when a motorcycle dealership is sold or transferred, provided certain conditions are met. These include timely notification, equal or greater consideration for the dealer, restrictions on transfers to family or controlled entities, and reimbursement of certain expenses. The law aims to balance the rights of manufacturers with protections for dealership owners during transfers.
It allows manufacturers to match a proposed sale or transfer of a dealership and acquire the dealership's assets or ownership under certain conditions.
The manufacturer must notify the dealer within 45 days, ensure the consideration is equal or greater, avoid transfers to family or controlled entities, and agree to pay certain expenses.
No, transfers to family members or entities controlled by dealer owners are excluded from the right of first refusal.
Yes, they must pay reasonable expenses, including attorney fees, incurred by the proposed transferee before exercising their right of first refusal.