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Alliance leads the way in helping shippers, auctioneers follow the laws and rules – Remarketing

Compliance Committee Co-chairs: Keely Smith, Andrea Amico, Jeannie Chiaromonte and Tim Meta.  Bob Sullivan (not pictured).  - Photo: IARA / Bobit

Compliance Committee Co-chairs: Keely Smith, Andrea Amico, Jeannie Chiaromonte and Tim Meta. Bob Sullivan (not pictured).

Photo: IARA / Bobit

The primary mission of the IARA Compliance Committee is to foster discussion in the remarketing industry by leading engaging discussions on legal, regulatory, and ethical compliance issues.

The remarketing industry is changing rapidly in light of the emerging technology landscape, and it can be difficult to keep up with regulatory changes affecting the wholesale vehicle remarketing channel.

An activity group

The committee consists of five co-chairs, IARA formerly chaired by Jeannie Chiaromonte, (Bank of America), Keely Smith (Auto IMS), Tim Meta (Fifth Third Bank), Andrea Amico (Privacy4Cars) and Bob Sullivan (ServNet Auction) Groups). Each member is actively engaged, and Smith says they engage in a lot of back-and-forth conversation. Smith noted that Sullivan was primarily responsible for finding speakers for the group to hear on various related topics.

The committee also consults closely with IARA attorney Jim Demetry, who advises them on detailed compliance points and the development of compliance modules that give members a better understanding of how the rules apply. rules and regulations for their operations and businesses.

The Committee is a branch of the Standards Committee. “I think there are probably compliance issues that are being discussed under the Standard and it’s starting to get more complicated and take up a lot of that committee time,” said Smith.

IARA needs a committee that can focus more on compliance issues, such as increased requirements for financial firms. These financial firms are currently imposing many rules on their suppliers because of regulatory issues. This includes checking in with suppliers more often to make sure they are doing what they say they are doing or helping them achieve compliance.

There are many complications involved in supplier liability to lenders, since suppliers and lenders are not regulated in the same way. The Commission works closely with everyone to help them all comply. It also tries to understand the core problems faced by industry members and find common ground and recommendations.

Service as a resource

Smith said the committee expanded the presence of a compliance function beyond IARA membership. To improve and standardize the auto industry, auto finance companies, recall and auction agencies participate in discussions to represent the voice of shippers. “I would say we act as an unofficial source of advice.”

When compliance issues are discovered that may not be well known, especially on the auction side, the committee will explore and provide guidance to smaller entities and agencies, inexperienced people such as financial companies or banks.

“We want to help facilitate that communication.” Smith said. Committee members serve as a resource for all remarketers, regardless of IARA membership. Smith handles compliance issues within her company and regularly receives calls from remarketers with compliance-related questions.

“If we have the same clients, I help them answer questions, especially about how Auto IMS (Smith’s owner) interacts with their auction software and auction staff,” she said.

Work together

Smith said the committee works closely with the Standards Committee because of many issues related to some of its functions. Going forward, the two committees will work closely on the topic of electric vehicles and repair, as well as standardizing electric vehicle remarketing.

The committee uses the expertise of IARA attorney, Jim Demetry, to ensure that information is properly and timely collected and disseminated.

An example of progress is the classified auction checklist guiding auctioneers compiled by Smith with the help of Cindy Mitchell from BSC American Auction House and Demetry.

Current trend

The regulatory landscape is rapidly changing as government agencies that monitor consumer behavior, financial services and banking behavior seek to provide more transparency and privacy protection to consumers. use.

Specifically, the Consumer Financial Protection Bureau was established in 2011 to ensure consumers are not taken advantage of. Everyone must be treated fairly, and lending must be made equally. Collections must also be implemented equally. There has been more scrutiny of banks and financial firms which has raised more compliance issues.

Over the past few years, states have implemented or modified their own regulations that they must comply with to avoid problems with the state Attorney General. The Compliance Committee has noticed more members asking for help with compliance issues, including sound lending practices, email security, onsite visitors, background checks, data retention , password policy, firewall and data security.

As consumer privacy concerns grow in a technology-driven society, there are compliance concerns over customer data printed on written documents and how that document is archived. There are rules about storing printed materials with sensitive details, and the committee even addresses policies about shredding paper. For example, a copy of a driver’s license that may be requested as part of a transaction may not be stored on paper and must be shredded or stored electronically.

Storing information electronically raises cybersecurity concerns. Consumers expect their personal data to be kept safe and efforts have been made to prevent data breaches. These concerns have resulted in an increase in requests for information and guidance from the committee. In the absence of a committee, companies would need a compliance officer.

Look forward

The Commission has the objective of increasing participation and engagement. As technology drives changes in the remarketing industry, the committee will remain focused on educating the industry on compliance with privacy issues with respect to the storage of print and personal data. such as phone book, garage code and GPS location are stored in the built-in computer.

The Commission is working to improve methods of communicating relevant information to help small, independent auctions remain compliant. More speakers will share information with the committee on issues such as title revocation and handlers, as well as the unique compliance issues they face.

Note: This article appeared in IARA’s 20th Anniversary Issue published in November 2021.

Originally posted on Vehicle Remarketing

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