PPSR for Businesses
Everytime you transact business that includes personal property, you could be putting your business at risk. PPSR for Businesses is intended to minimize that risk and improve business relations.
The Personal Property Securities Register (PPSR) is a single, national database (the register) available online dedicated to registering and searching personal property. The national register consolidated and replaced individual state databases such as REVS to provide one reliable source of information throughout Australia.
What is the PPSA
The PPSR was enacted under the Personal Property Securities Act 2009 (Cth) (PPSA). The Act lays out the framework and processes for registering “security interests” in personal property on the national register. The register can be used by a variety of persons or entities, from individuals, business owners, companies, partnerships – anyone with a legitimate secured interest in personal property can register on the site.
What is personal property?
Personal property as defined by the PPSA as "any property that is not land, building, or fixtures".
This can include:
- Motor vehicles, aircraft, motorcycles, boats
- Livestock such as cattle, and crops
- Equipment, artwork
- Financial property, e.g. cash, shares
- Intangible property, for example copyright, patents
- Other second-hand goods owned by individuals or businesses
As long as a personal property falls within one of these categories, you can register it on the PPSR if you have security interest in it, or you may search if you plan to purchase that item, for example, a car.
Making PPSR work for your Business
While the PPSR is designed to protect your interests, if you make a mistake in registering your interest, it could cost you. Ensure that you limit registration mistakes as this could prevent you from recovering your property.
Most PPSR registrations will be enforceable. As such, it is your duty as a business owner to conduct your due diligence when working with personal property.
There are two ways that you can use the PPSR to protect your business:
- Register your interest in a personal property, so others will know that you have retained the interest in the goods
- Run a PPSR check before buying valuable second-hand assets (such as vehicles) to make sure that someone else does not have retained interest in the item
PPSR Search for Businesses – Making Better Business Decisions
Personal property is often used as collateral for loans. As such, the PPSR is intended to be a robust system that allows for a predictable priority system for lenders in the event that a borrower defaults on a loan. It also helps with credit rating systems for making loans to individuals or businesses.
PPSR search allows businesses to make better decisions, especially when it comes on to lending. Businesses can search the PPS register on an individual’s or organization’s assets. So, the PPSR is useful if you:
- Sell goods through retention of title arrangements
- Rent, lease, or hire out goods
- Buy and sell second-hand assets or goods (such as cars)
Once you are involved in any of these, the PPSR can help you to protect your business, yourself, and your asset. This is especially useful for used car dealers in Australia.
PPSR for Used Car Dealers
PPSR helps used car dealers to mitigate risk in their transactions.
As a used car dealer, you will naturally offer to buy vehicles from private sellers. The PPSR helps to protect your interest by allowing you to check the history of the car before you buy or exchange it in a transaction.
Offering PPSR search certificates to buyers are also useful in building your business credibility and improving customer trust.
As a motor dealer, you can get access to PPSR search results through QuickRevs.com.au.
Key Benefits of QuickRevs PPSR for Businesses
QuickRevs offers a cost-effective way to run multiple car history reports and access PPSR certificates to improve your business operations.
Running your PPSR check through QuickRevs gives you access to these key benefits:
- Validation of vehicle registration details (make, model, year, VIN#, etc.)
- Stolen vehicle and written-off check results
- Finance check details to prevent repossession
- Official government PPSR certificate with each search result
- Comprehensive car history report to build trust with your customers
- Easy to read reports delivered in minutes
All you need to use PPSR for businesses to help you sell more cars and reduce risks is the VIN or Rego number of the car. Get started protecting your assets and business. Use the PPSR check and validate car’s history before you buy.