Three national trade groups, Guaranteed Asset Protection Alliance (GAPA), Motor Vehicle Protection Products Association (MVPPA), and Service Contract Industry Council (SCIC), are helping address industry-wide compliance priorities that affect automotive lenders and dealers and voluntary protection product providers, ultimately for the benefit of consumers.

The trade associations are launching an initiative called the Industry Compliance Program (ICP). The ICP aims to bring providers and lenders together in an unprecedented approach 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 and 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 trade associations.

Digital Auto Advisors (DAA), an automotive technology consulting firm with extensive lending and compliance experience, has been retained by the trade associations to assist with implementation of the ICP. After the first of the year, GAPA, MVPPA, and SCIC along with DAA, 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 Brian Reed, CEO and founder at Digital Auto Advisors.

GAPA, MVPPA, and SCIC are national trade associations that include industry-leading VPP providers, insurers, and lenders who work to ensure healthy markets for VPPs to the benefit of the industry and consumers alike. Each trade group monitors legislative, regulatory, and legal developments, and advances legislation and regulations that promote fair and equitable regulation of its members and their products.