IARA Forms Compliance Committee to Help Bring More Consistency to Auction Compliance

In an effort to address compliance issues within the remarketing industry, the IARA has formed a Compliance Committee.

The Compliance Committee, chaired by Jeannie Chiaromonte, VP, national remarketing manager at Bank of America and Tim Meta, national remarketing manager at Fifth Third Bank, and Bob Sullivan, VP operations and best practices for XLerate Group, has already pursued various initiatives since its inception.

One of these initiatives is addressing the issue of personal property being left in vehicles after they have been transported to the auctions from repossession agents. The committee recently updated the IARA Audit Checklist and added a new letter template. The letter template provides information and the wording that IARA members can use in an email or letter to repo agents that are not properly removing personal property from vehicles.

The committee has also worked to update the existing IARA compliance checklist in order to bring more consistency to the industry.

Another major compliance issue is the safeguarding of personally identifiable information (PII). Many vehicles brought to auction contain personal information from the previous owner that was not erased, the compliance committee is looking to work closely with the IARA Canadian members who are ahead of the U.S. in establishing procedures and policies to safeguard PII, according to Meta.

Earlier this year, a Compliance Summit was held at ADESA Nashville, 64 people attended in person and 7 attended remotely for a total of 71 attendees for the event.