Initiative's stated goal is to address industrywide compliance priorities affecting auto lenders and dealers and voluntary protection product providers .  -  IMAGE: Pexels/Maria Orlova

Initiative's stated goal is to address industrywide compliance priorities affecting auto lenders and dealers and voluntary protection product providers.

IMAGE: Pexels/Maria Orlova

Three national trade groups, Guaranteed Asset Protection Alliance; Motor Vehicle Protection Products Association; and Service Contract Industry Council, are helping address industrywide compliance priorities that affect automotive lenders and dealers and voluntary protection product providers, ultimately for the benefit of consumers. The associations are launching the  Industry Compliance Program, which aims to bring providers and lenders together to deliver pragmatic compliance solutions for forms, refunds and cancellations related to VPPs, such as GAP, service contracts and related motor vehicle protection products.

“Given that GAPA, MVPPA & SCIC provide strong compliance expertise and advocacy leadership to the industry, we’re pleased the trades are working together by launching the ICP to solve issues of shared interest to the betterment of consumers,” said Tom Keepers, executive director for the three associations.

Digital Auto Advisors, an automotive technology consulting firm with extensive lending and compliance experience, has been retained by the associations to help with program implementation. After the first of the year, the association and the consultant will engage with additional trade groups, lenders and others in the industry in discussions about compliance challenges and solutions.

"We are excited to work with these trade groups to bring providers and lenders together for the first time to collaborate on compliance solutions that will better protect consumers. The Industry Compliance Program will deliver a needed change to how the industry processes forms, refunds, and cancellations," said Digital Auto Advisors founder and CEO Brian Reed.

The three trade associations include industry-leading VPP providers, insurers and lenders that work to ensure healthy markets for VPPs to the benefit of the industry and consumers. Each group monitors legislative, regulatory and legal developments, and advances legislation and regulations intended to promote fair and equitable regulation of members and their products. For more information on the trade groups or how to join, contact Tom Keepers at [email protected] or 608-848-4484.

 

Originally posted on Auto Dealer Today

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