Remarketing Compliance Program Already Scoring Among First Graduates

The IARA’s Audit & Compliance Training (ACT) launched at the Summer Roundtable already has helped remarketing operations plug in to the tools that enable them to avoid costly regulatory, data, and safety missteps.

So far, 30 employee and 13 manager graduates in the remarketing industry have completed the five-module training courses in its first month, even before the alliance has ramped up promotions.

First Adopter Spreads the Word

One company already drawing on the curriculum is Byrider, a vehicle dealer group with 32 company-owned locations employing about 500 workers and another 115 franchise operations, which combined are on track to remarket about 25,000 vehicles this year.

Doug Turner, its director of asset management and the vice president of the IARA, shared some of the initial results of the ACT adoption at his company. So far, all eight members of Turner’s remarketing team have completed ACT, with two taking the management track and six the employee track.

Overall, ACT builds upon Byrider’s compliance culture and complements the processes and policies it follows, Turner said.

“They were very thankful that this type of training is completed and out there to take,” he said. “We’ve encouraged our team to become CAR (Certified Automotive Remarketer) program certified as well, which provides value and benefit for us. They are learning more operationally than what they see on a daily basis. Now they are looking at (compliance) from a 10,000-foot level instead of the ground level.”

Two ACTs for Managers, Employees

During its annual Summer Roundtable conference Aug. 16-18, the IARA formally launched ACT 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.

ROI for the Long Term

Turner said ACT brings plenty of intangible ROI, since it helps operations avoid legal and regulatory risks that could eventually cost time and money.

“As we make improvements with industry knowledge and compliance results, we see the indirect benefits for customers and the team,” he said. “It helps them to comply from repossession to disposition and limits exposure to compliance issues. It’s one of those things where you can polish your skill sets, and the outcome is always better as you are better trained.”

ACT provides the tools, training, and resources for the entire remarketing industry to be consistent with expectations and operations, Turner said.

“There are so many vendors and sectors attached to the remarketing industry,” he said. “As we continue to develop ACT, I think our reach will be very broad and we’ll be able to touch more and more segments. There are so many touch points to these vehicles, so we will continue to develop this to make sure we are all inclusive for anyone who intersects with remarketing.”

ACT has an annual recertification schedule to keep graduates updated and compliant, Turner said. ACT is also part of Byrider’s new employee orientation.

“Making sure we’re complying with legal and regulatory requirements in the wholesale remarketing industry is an obligation for everyone,” Turner said. “We will continue to push the message about compliance and following all the rules.”

The IARA is particularly well-suited to develop and establish ACT because of the diversity of its membership base and industry presence, which spans consignors, auctions, dealerships, auto transporters, vehicle repo, banks and finance services, Turner said.

“We have a well-rounded remarketing industry base. Part of our mission is to assist, educate, and share knowledge with one another and with our industry partners. ACT helps tie that loop together.”

More ACT Information: https://www.iara.biz/act.php

Originally posted on Vehicle Remarketing