National Auto Auction Association – Resources
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In 2010, Congress passed the Dodd-Frank Reform Bill and the Consumer Financial Protection Act (“CFPA”) and created the Consumer Financial Protection Board that is given certain regulatory responsibility and investigative oversight of consumer transactions, primarily in the mortgage industry. While the provisions of this law may not be relevant to many of our members involved exclusively in wholesaling to institutional purchasers, some of our members may have direct dealings which involve consumers, particularly in regard to sales of repossessed vehicles. For such transactions, you may want to consult with your counsel as to the applicability of provisions of the CFPA and the authority of the Board. For those auctions who do engage in consumer transactions, the International Automotive Remarketers Alliance (“IARA”), as a resource, has prepared a form document that you may want to consult as a guide and/or checklist for certain day-to-day activities. A link to the document is as follows:

http://www.iaraonline.org/pdf/Standardized-Auction-Audit-Checklist.pdf

NAAA is not advocating use of this checklist. You should consult with your own executive leadership and counsel to assess the usefulness of this form to your individual business and its needs. NAAA values its relationship with IARA and is providing access to this form at IARA’s suggestion.