HANOVER, Md. — At its second meeting, the newly formed Payment Assurance Technology Association named an interim board of directors, elected leadership and appointed auto association executive Jack Tracey as its executive director.

Board officers are:

President: Stan Schwarz, PassTime

Vice President: Ashley Herndon, Sekurus ON TIME and people resources Inc.

Secretary: Rick Loftsgard, CAR Financial Services Inc./ACC Consumer Finance

Treasurer: Roger Dewey, Telit Americas

Five categories of membership were created: manufacturers, distributors, users, communications companies and one for affiliate members. The membership application is available at www.patassociation.com.

Manufacturers, distributors, users and telecommunications committees were established. PATA also finalized its mission statement: To unify, standardize and validate the activities of the industry and markets engaged in the manufacture, sale and use of technology for monitoring or disabling vehicles and for other applications.

Offering comment on the new association's development this week is Pay Technologies' president, James Krueger. He indicated that he supports the development of a trade association for the SID industry.

"It is very important to get the SID benefits for the dealers identified and stress the important of proper SID disclosure," he told SubPrime Auto Finance News.

The next meeting of the association is scheduled for Las Vegas in September in conjunction with the F&I Conference and Expo.

For more information, contact jtracey@patassociation.com.