Identity theft and data breaches continue to be a serious and ongoing issue for consumers and businesses — especially dealerships.
2017 Compliance Guide Case Study: Credit Apps, Reports, and Contracts
A dealer sold a vehicle to a consumer under a RISC (Retail Installment Sales Contract) and allegedly committed numerous violations in connection with the sale and financing of the car.
2017 Compliance Guide: What’s Next for Auto Dealers
Establishing a culture of compliance, data security, transparency, and honesty with customers is critical to protecting your dealership.
The 2017 Dealertrack Compliance Guide
For 12 years, it has been the unrivaled reference on all things Compliance, written for dealers and staff to use on a daily basis and designed to protect their dealership from audits, fines and consumer fraud.
Key Dealertrack Technology Solutions
The NADA Convention is one of the best ways to get an up close look at the latest technology solutions driving automotive retail.
F&I Compliance Tip: Recordkeeping and the Destruction of Records
Staying compliant with State and Federal regulations means more than red flags and adverse action notices. In fact, there are federal laws and regulations regarding company records around vehicle sales, leases, F&I documents, and more.
Five Questions to Ask About Your Compliance Program
An integrated solution just may be the answer to reduce the cost and hassle of F&I compliance.
F&I Compliance Tip: Save and Store Your Pencils
In terms of compliance, saving pencils matters because it guards against misunderstanding and is helpful in terms of showing an auditor, regulator, or plaintiff’s attorney how a deal progressed.
F&I Compliance Tip: Monitor Dealership Activity
In order to maintain compliance, dealership management must be prepared and proactive, with comprehensive training and real-time monitoring.
F&I Compliance Tip: Properly Disclose Aftermarket Products
Consistency is the key to creating the type of experience that meets compliance standards and helps to create an environment of trust and credibility.
F&I Compliance Tip: Adverse Action Notices
An “adverse action” is, basically, a refusal to grant credit, the termination of an account, or the changing of an account’s terms in a manner unfavorable to the consumer.
Three Ways to Protect Your Deals and Defend Your Dealership
With so much to contend with, it’s easy for dealers to feel frustrated about compliance. And while enlisting the help of qualified legal counsel is the best approach, there are a number of proactive and important steps dealers should take to protect deals — and defend their dealership.