Vehicle Protection Association Approves Industry Standards
Adoption of industry standards defines a code of conduct for automotive service contract industry that will protect the best interests of the consumers.
Selbyville, DE (PRWEB) November 10, 2009 -- The Vehicle Protection Association (VPA), an association formed to promote regulatory transparency, education and accountability in the marketing and servicing automotive service contracts, announced today that it has adopted a set of industry standards.
With a new set of standards, the VPA has defined Standards of Conduct that will both help members to comply with federal and state laws and regulations as well as help to protect the best interests of the consumers. Members who violate the Standards of Conduct will lose their membership in the VPA.
"These industry standards are more than a suggested guide for what companies should be doing; they are our guiding principles," said Larry Hecker, executive director of VPA. "While most of our members already adhere to these rules, the adoption of these guidelines will ensure that companies who wish to serve their customers best will be better able to do so."
The adoption of these industry standards is one of several steps the VPA is taking to reform the industry's marketing practices. These standards include specific rules for advertising, representation of services, compliance with Federal Trade Commission and state regulations, compliant telemarketing, and a consumer complaint process, among other areas.
"During this difficult economy, many Americans are holding on to the vehicles they have purchased instead of buying new on a regular basis. These same consumers rely on vehicle service contracts to help keep repair costs manageable," Hecker said. "It is vital that consumers can trust these contracts to protect some of their most valuable assets. Our industry standards offer an extra level of protection for consumers to reassure them that they can put their faith in our member companies."
About the Vehicle Protection Association
The Vehicle Protection Association (VPA) is a not-for-profit trade association representing firms that are active in the automotive service contract industry. Members include service contract finance companies, marketers, administrators, insurers, and software providers. VPA currently has more than 50 members. The organization is committed to ensuring regulatory compliance among members, educating consumers on their rights, protecting consumers, and otherwise ensuring the integrity of the automotive service contract industry.
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