The International Automotive Remarketers Alliance reached a milestone this month with the advent of a consistent and detailed compliance training program that helps remarketing professionals protect their businesses.
With the growth in rules and regulations at all levels, an accurate attention to compliance can spare companies unnecessary risks and liabilities that can lead to costly inefficiencies, legal settlements, and fines. The program can help businesses understand and develop the standards and policies necessary to comply with customer, legal and regulatory requirements that apply to the remarketing industry.
During its annual Summer Roundtable conference, the IARA formally announced on Aug. 18 the launch of the Audit and Compliance Training (ACT) Certification program that consists of self-serve educational modules on two tracks: One for managers, and one for employees.
- ACT ONE is geared to help managers focus on legal and customer requirements applicable to the industry and develop the best practices to make a company comply with the rules.
- ACT TWO equips all employees with the knowledge necessary to follow practices during their daily work routines.
Among the topics ACT addresses: Physical and environmental security, information standards and security, business continuity and disaster recovery, and human resources and business operations.
ACT, which is being co-branded with the National Auto Auction Association (NAAA), can also extend to third party service providers, such as vehicle transporters, whose work and results could fall under a host company’s audits.
Most participating companies will designate a manager, who will take the ACT ONE course, to oversee the use of ACT TWO among employees. The management course costs $99 and the one baseline employees, $49.
“Auctions are responsible for their third service providers,” said IARA executive director Tony Long. “This gives them a guide. It’s not an end all for all state regulations but it helps them get past training compliance challenges and maintain records for it. With employee turnover, you need an easy, automated solution so you can check that box for the federal level.”
IARA attorney James Demetry of the Atlanta-based law firm Demetry, DeCarlo & Coffman LLC lead the development of the compliance curriculum among members of the IARA Standards and Compliance committees. AutoIMS, an auction and remarketing data analysis and consulting firm, contributed to a complete audit checklist that is part of the ACT program.
The firm will now monitor and update the content throughout the year and keep records of employees who get certified and re-certified.
“The compliance revolves around policy, processes and people,” Demetry said during a an IARA Education & Compliance meeting on Aug. 17 that previewed the program. “This training centers the issues and goes through the components required from the federal level.”
By following the training best practices and guidelines, consignor and auction employees handling vehicles can learn how to properly protect personal information and data, he added.
The compliance modules are segmented to run about one hour to 90 minutes for most takers. “These should not take too long, so employees don’t spend hours and days going through training,” Demetry said.
More information: https://www.iara.biz/act.php
Originally posted on Vehicle Remarketing