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Another program offered through IARA is ACT (Audit & Compliance Training).

Smith said the idea of ACT goes back over a decade to the formation of the Consumer Financial Protection Bureau and the pressure of regulators requiring more compliance.

Auction owners eventually came to IARA Executive Director Tony Long asking if IARA could come up with a tool to help train auctions on compliance, Smith said.

“It took us a while, honestly, because there are a whole lot of components to it,” Smith said.

IARA attorney Jim Demetry and his team created the program.

Smith said it’s less intimidating than CAR because it’s not as many modules and a shorter time commitment of about 60-90 minutes.

“We try to divide it up in the areas where we saw regulators looking for different oversight,” she said. “That’s not just IT security; how you handle your clients’ data and if you’re a good steward of that data. It’s also about your employees’ behavior, how you train your employ- ees to behave and handle that information.”

Also, it discusses human resources practices like background checks, Smith said.

How important is compliance?

Jackson said Holman Remarketing Solutions recently had its entire U.S. department – 44 people – complete ACT certification, both at management and employee levels.

“It gives clients reassurance that everybody, from remarketers to the title folks, has been trained in this and will continue to train,” Jackson said.

Wanna said because regulations and compliance changes so quickly, the ACT certification is an annual requirement.

“We feel it’s very important because, as laws change, we need to keep up,” Rangel said. “We’ve got to make sure we’re in compliance.”

Rogers said it wasn’t long ago when conferences like CAR had agendas full of compliance issues.

“Our employees who are handling your cars, your information and your customers are ACT certified,”