The International Automotive Remarketers Alliance (IARA) held its Compliance Committee summit meeting Dec. 7 where it laid out the plans for the organization's newly formed committee that explores the simplification of compliance and audit procedures in the remarketing industry.

The summit, which was held at ADESA Nashville, featured auction representatives identifying limitations to the current processes of compliance and areas that may require more assistance from consignors, according to the IARA.

The Compliance Committee summit focused on topics such as handling of personal property and redemptions, auto auction audits/risk assessments, and clearing vehicle data.

The event was not exclusive to IARA members. Representatives from major financial institutions, OEMs, fleet management companies, associations, and representatives of corporate and independent auctions were in attendance.