One auction owner is putting compliance where her checkbook resides.
According to a news release sent to Auto Remarketing on Tuesday, an investment group headed by Alexis Jacobs, owner of the Columbus Fair Auto Auction, has acquired ComplyNet, a 25-year-old compliance and risk management consultancy focused on dealers and auto auctions.
The auction community and dealer community alike have benefitted from ComplyNet’s laser focus on the exposures unique to the automotive industries.
“As a third party to the commercial consignor, the auction’s responsibilities are extensive and significant. Columbus Fair has utilized ComplyNet’s services for six years, allowing us to respond to consignors with confidence and to leverage our combined efforts with our garage carrier. When you become a preferred risk, the savings are considerable,” Jacobs said.
“We not only have the most comprehensive approach to risk mitigation, we have an attorney, Adam Crowell, serving as president of the company,” Jacobs continued.
Crowell offered his perspective on compliance, too.
“As regulators continue to expand their focus in the automobile industry — both wholesale and retail — efforts to maintain a compliant operation have become more complicated. An outsourced compliance service is one of those solutions that makes more and more sense. Relying solely on someone internally is not a consistent solution,” according to Crowell, who is the managing member of ComplyNet.
“I intend to continue to develop the technical assets while enhancing the library of automotive content,” he added.
ComplyNet performs on-site and online services for automotive customers in 34 states, enhancing compliance and reducing subscribers’ risk.
“This is a banner day for ComplyNet,” said Phil Troy, the founder of the company, who will continue to serve as the advisory director. “My vision was to provide a risk management and compliance solution tailored not only to the industry, but to the management style of each business.
“This new investment group brings deep roots in the automobile industry, great management disciplines, and the ability to invest in new solutions,” Troy went on to say.