Cox says a strong compliance-management program can enhance consumer trust, improve internal processes, and could provide a competitive advantage. - IMAGE: Cox Automotive

Cox says a strong compliance-management program can enhance consumer trust, improve internal processes, and could provide a competitive advantage.

IMAGE: Cox Automotive

Cox Automotive released the 19th edition of its annual Dealertrack Compliance Guide, which provides dealers with the latest compliance insights and best practices to help them navigate the complexity of auto regulatory expectations and consumer protection laws. 

The Dealertrack Compliance Guide helps dealerships understand their legal compliance obligations. As the auto industry enters 2024 with stabilized inventory and as consumer interest in car buying remains hearty, dealers will want to consider their own compliance action plan and pay attention to new shifts in the regulatory landscape, including: 

  • The finalized CARS Rule, first scheduled for July 30, is now pending judicial review. 
  • New data privacy and security laws enacted by California, Colorado, Connecticut, Delaware, Florida, Indiana, Iowa, Montana, Oregon, Tennessee, Texas, Utah and Virginia. Several other states are poised to follow their lead and enact similar laws. 
  • Updates on data security and identity-theft regulations, synthetic ID fraud, and the FTC Safeguards Rule. 
  • A new data breach disclosure requirement for nonbanking financial institutions, effective May 13. 
  • New York Department of Financial Services’ Cybersecurity Rule, with a compliance date of April 29
  • New federal quiet hours for telemarketing and increasing regulations of text messages. 

"Compliance is critical when working in finance,” stated Kait Gavin, vice president of operations, F&I and titling solutions at Cox Automotive. “A strong compliance management program can enhance consumer trust, improve internal processes, and could provide a competitive advantage. Car buying should be as safe and transparent for the consumer as possible, but we also understand dealers’ concerns about over-complicating a process they are constantly being asked to simplify and speed up. Complementary to our solutions that modernize the retail process, the Dealertrack 2024 Compliance Guide helps minimize complexity and provides important considerations for dealers to establish their own compliance action plan that will help them stay competitive and ultimately help their bottom line.” 

 Dealers can download the complimentary guide here.

Originally posted on Auto Dealer Today

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