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Compliance

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October 2018, F&I and Showroom - Feature

F&I Pacesetters: Zumbrota Ford

Zumbrota Ford is a 19-year-old dealership located in a small Minnesota town of the same name

By Gregory Arroyo

Dealer Steve Johnson knows how quickly word spreads when you operate in a small town. That’s why reputation means more than profitability at his Zumbrota, Minn.-based Ford store. It's in the running for the magazine's F&I Dealer of the Year.

Tags: compliance, DOY Pacesetters, F&I managers, F&I Pacesetters, F&I product, Zumbrota Ford

October 2018, F&I and Showroom - Feature

F&I Pacesetters: Prince Automotive Group

Last year, the group’s F&I teams generated $5 million in revenue, about 60% of which was made from product income and the rest from reserve.

By Gregory Arroyo

Prince Automotive Group is proof that operating high-performance finance departments while maintaining the highest level of ethical practices is possible. Now it's in the running for F&I and Showroom's F&I Dealer of the Year award.

Tags: compliance, DOY Pacesetters, F&I manager, F&I Pacesetters, F&I training, Prince Automotive Group

October 2018, F&I and Showroom - Feature

F&I Pacesetters: Bob Moore Buick GMC

The Oklahoma City dealership is part of the 14-store, Bob Moore Automotive Group, which has two stores in the final round of the magazine’s F&I Dealer of the Year contest.

By Gregory Arroyo

Bob Moore Buick GMC is a process-driven machine, but that’s just one of the reasons the Oklahoma dealership’s F&I department is putting up big numbers. It's in the running for F&I and Showroom's F&I Dealer of the Year award.

Tags: Bob Moore Auto Group, DOY Pacesetters, F&I manager, F&I Pacesetters, F&I products, F&I training

September 2018, F&I and Showroom - Feature

The Big Menu Debate

By Gil Van Over

The magazine’s resident compliance pro weighs in on one of F&I’s big debates: Is the F&I menu a sales or compliance tool?

Tags: ACE, Automotive Compliance Education, compliance, F&I menu

August 2018, F&I and Showroom - Feature

The CFPB’s Spirit Lives On

Acting CFPB Director Mick Mulvaney was a featured speaker at the National Association of Attorneys General’s 2018 Winter Meeting in Washington, D.C., this past February. During his address, he said the bureau would be looking to state regulators and attorneys general for leadership when it comes to enforcement.

By Tariq Kamal

Attorney Eric Johnson fields questions about the state of the CFPB, the now fully staffed FTC, and the aggressive stance of state attorneys general. He also offers a critical update on the Military Lending Act.

Tags: attorneys general, auto finance, CFPB, compliance, Consumer Financial Protection Bureau, Federal Trade Commission, FTC, Gregory Arroyo, interest rates, Mick Mulvaney, NADA, National Automobile Dealers Association, rate markup

July 2018, Auto Dealer Today - WebXclusive

Requiring Buyers to Buy Service Contracts? Read This.

By Thomas B. Hudson, Esq.

Learn how generic retail installment contracts and insufficient disclosures can turn a legal transaction into a costly violation of TILA, Reg Z, or your state’s finance charge rules.

June 2018, F&I and Showroom - WebXclusive

The CFPB’s Spirit Lives On

Eric Johnson, partner at Hudson Cook LLP

By Tariq Kamal

In the first of a series of F&I Think Tank webinars, attorney Eric Johnson offered a wake-up call to dealers and F&I professionals who thought the industry won a decisive victory over the Consumer Financial Protection Bureau when the federal agency’s auto finance guidance was rescinded in May.

May 2018, F&I and Showroom - Feature

Slurs, Cussing, and Misnomers

By Gil Van Over

Master the F&I language by eliminating three groups of inappropriate, inaccurate, and legally explosive words from your vocabulary.

Tags: auto finance, compliance, F&I manager, workplace

May 2018, F&I and Showroom - Cover Story

Special Report: Unwinding the CFPB

On May 21, President Trump signed into law the Congress-approved resolution of disapproval of the CFPB’s dealer participation guidance, ending the regulator’s attack on a key source of dealer income five years and two months after it began.

By Gregory Arroyo

F&I tracks the rise and fall of the Consumer Financial Protection Bureau’s aggressive but ultimately futile five-year assault on dealer participation.

Tags: American Financial Services Association, Andrew Koblenz, auto finance, Bill Himpler, Chris Stinebert, compliance, Consumer Financial Protection Bureau, Donald Trump, guidance, National Automobile Dealers Association, Paul Metrey

May 2018, F&I and Showroom - WebXclusive

GDPR Compliance: Minimize Your Exposure

By Greg Sparrow

Compliance expert discusses the impact of Europe’s General Data Protection Regulation on U.S. dealers.

May 2018, F&I and Showroom - Feature

NADA Seeks Clarity Through Upheaval

Vince Rice, COO of Hyundai Capital and 2018 chairman of the AFSA’s Vehicle Finance Division, interviews Wes Lutz, 2018 NADA chairman and president of Extreme Chrysler Dodge Jeep Ram Inc. in Jackson, Mich. (Photo courtesy of AFSA)

By Jim Henry

NADA Chairman Wes Lutz laid out the association's priorities and touched on a number of pressing topics at the American Financial Services Association (AFSA)’s 2018 Vehicle Finance Conference.

Tags: American Financial & Automotive Services, auto finance, compliance, Consumer Financial Protection Bureau, Donald Trump, Military Lending Act, National Automobile Dealers Association, Vehicle Finance Conference, Wes Lutz

May 2018, F&I and Showroom - Feature

Death by Uber: Regulators React

At the National Automobile Dealers Association’s annual convention this past March, Waymo CEO John Krafcik told attendees he was confident Waymo’s technology would have avoided the fatal accident in Tempe, Ariz. (Photo courtesy of NADA)

By Christian Scali and John Swenson

Attorneys analyze the Arizona fatality involving an autonomous vehicle being tested by Uber and how the tragedy impacts the push for AV going forward.

Tags: Autonomous Driving, connected car, driverless car technology, Uber, Waymo

May 2018, F&I and Showroom - Feature

The ‘Please Do Not Call’ Rule

By Gil Van Over

The federal Do Not Call Registry is not without its flaws, but dealers are nonetheless bound by its rule. Compliance expert offers a primer for sales and BDC managers.

Tags: compliance, Do Not Call, Federal Trade Commission, Robocalls

April 2018, F&I and Showroom - Feature

But the Dude Can Sell!

By Gil Van Over

Overlooking past misdeeds and criminal convictions to land top-performing salespeople puts dealers at risk of losing everything when risky hires revert to old habits.

Tags: Crime, Gil Van Over, hiring, Showroom

March 2018, F&I and Showroom - WebXclusive

Sexual Harassment: 4 Pillars of Effective Training

By Kynzie Sims

Make anti-harassment training stick by creating a program that addresses leadership and accountability, clear policies, compliance training, and reporting and investigation.

March 2018, F&I and Showroom - Feature

Dealer Fines and How to Avoid Them

By Gil Van Over

Compliance guru outlines the simple steps every dealer must take to avoid violations of federal OFAC, Used Car, Red Flags, and IRS standards — and the steep fines that accompany them.

Tags: auto finance, Automotive Compliance Education, compliance, F&I manager, Form 8300, Gil Van Over, IRS, OFAC, Red Flags Rule, Used Car Rule

March 2018, F&I and Showroom - Feature

Finding Greatness in the Box

By Lloyd Trushel

F&I professionals who stop swinging for the fences and focus on base hits stand to gain the confidence of their customers and the per-copy average that comes with it.

Tags: auto finance, F&I manager, F&I menu, F&I production, F&I products, F&I training

March 2018, F&I and Showroom - Feature

Don’t Let the Deal Ruin the Sale

©gettyimages.com/AndreyPopov

By Keith Whann

Compliance expert lists four steps dealers and F&I professionals can take to fill the gaps in your documentation process and prepare your dealership for regulatory inquests.

Tags: Audit, auto finance, compliance, dealer compliance

March 2018, F&I and Showroom - Cover Story

A War on Many Fronts

(Photo courtesy of the NADA)

By Tariq Kamal

NADA chairman and Michigan dealer Wes Lutz takes the association’s helm during a time of transition and conflict at the factory, retail and legislative levels.

Tags: auto finance, compliance, Donald Trump, Fully Autonomous, mobility, NADA Chairman, National Automobile Dealers Association, Wes Lutz

March 2018, F&I and Showroom - Feature

When Greedies Meet Stupids

By Gil Van Over

Dealer compliance expert offers a crash course in detecting and preventing identity theft by fake car buyers and unprincipled employees.

Tags: auto finance, compliance, Federal Trade Commission, Gil Van Over, identity theft, Red Flags Rule

March 2018, F&I and Showroom - WebXclusive

End Sexual Harassment at Your Dealership

By Kynzie Sims

Successful anti-harassment training requires dealers to acknowledge that some employees simply don’t see the point.

February 2018, F&I and Showroom - WebXclusive

Fraud Alert: Dealer Loses $88K to ID Thief

By Brian Stout

A web-savvy sales manager made a sweet deal that went sour when the ‘buyer’ turned out to be a sophisticated online scammer.

February 2018, F&I and Showroom - Feature

The Right Approach to Adverse Action Notices

By Gil Van Over

Compliance expert gets into the weeds on adverse actions. He explains why you must send a notice to every affected customer, and breaks down your choice of processes.

Tags: Adverse Action Notice, auto finance, compliance, Equal Credit Opportunity Act, Fair Credit Reporting Act

February 2018, F&I and Showroom - Feature

Prioritizing Entity Vitals

By Brennon Romney

Real-life examples prove that failing to meet federal, state, and local requirements for licensing and permits can cause otherwise successful dealerships to lose their right to do business and, in the most extreme cases, their very names.

Tags: compliance, dealer, entity vitals, licensing, management

January 2018, Auto Dealer Today - WebXclusive

NLRB General Counsel Throws Dealers a Lifeline

By Dave Druzynski

President Trump’s pick for Labor Board general counsel just swung the pendulum back to an employer-friendly stance. Human resources expert weighs in.

Tags: employees, human resources, National Labor Relations Board, social media

December 2017, F&I and Showroom - Feature

Perfect Storm

By Tariq Kamal

Industry Summit’s executive panel convened to discuss and debate the effects of Hurricane Harvey, the status of the used-car and subprime markets, the GM mandate, and the digitization of the F&I process.

Tags: auto finance, digital retailing, Disclosures, GAP, General Motors, guaranteed asset protection, Hurricane Harvey, new-vehicle sales, online F&I, SAAR, Subprime Financing

December 2017, F&I and Showroom - Feature

REAL ID Has Arrived

(U.S. Air Force Graphic/James Rainier) 

By Gil Van Over

January marks the first implementation deadline for the federal REAL ID Act. Compliance expert outlines the law, its requirements, and two potential issues facing dealers.

Tags: auto finance, compliance, REAL ID Act, Red Flags Rule

December 2017, F&I and Showroom - Feature

Rich Cordray’s Legacy and The Future of the CFPB

By Lucy Morris

A former bureau official reflects on her time under former CFPB Director Richard Cordray, and explains why the industry shouldn’t be breathing a sigh of relief with his departure.

Tags: auto finance, CFPB, compliance, dealer participation, Donald Trump, Hudson Cook LLP

November 2017, F&I and Showroom - Feature

F&I Pacesetters: Bob Moore Cadillac of Edmond

Pictured with American Financial’s Arden Hetland and F&I and Showroom’s Gregory Arroyo is General Manager Adam Black, who received the magazine’s F&I Pacesetter award on behalf Bob Moore Cadillac of Edmond at the magazine’s annual conference in Dallas this past September. The dealership is one of two Cadillac stores in the 14-rooftop Bob Moore Auto Group.

By Gregory Arroyo

The Edmond, Okla., Cadillac dealership is one of two Cadillac stores in the Bob Moore Auto Group, a 14-rooftop dealer group founded by Robert W. Moore.

Tags: auto finance, Bob Moore Auto Group, charity giving, compliance, DOY Pacesetters, F&I department

November 2017, F&I and Showroom - Feature

F&I Pacesetters: Gerald Jones Auto Group

By Gregory Arroyo

Meet the two operations that were also in the running for the American Financial & Automotive Services Inc.-sponsored F&I Dealer of the Year.

Tags: American Financial & Automotive Services, Andy Jones, Arden Hetland, compliance, F&I department, F&I products, F&I training, Gerald Jones Auto Group

November 2017, F&I and Showroom - Feature

To Catch a Thief

By Gil Van Over

The magazine’s resident compliance pro says Red Flags tools aren’t foolproof. He offers four tips for vetting suspicious buyers who seem to have all the right answers.

Tags: auto finance, compliance, F&I process, identity theft, Red Flags Rule

September 2017, F&I and Showroom - Feature

Examining NMAC v. Superior Automotive Group

By Christian Scali and Jade Jurdi

Legal eagles deconstruct the case that changed how courts handle contract disputes between dealers and their floorplan lenders.

Tags: floorplan financing, lawsuits, Nissan Motor Acceptance Corp., Superior Automotive Group

September 2017, F&I and Showroom - Feature

F&I’s Compliance Driver

By Gil Van Over

An electronic menu can do more than drive the F&I process. Compliance expert offers standards and practices you can use to unlock an emenu’s true potential.

Tags: compliance, desking, digital retailing, F&I manager, F&I process, online F&I

September 2017, F&I and Showroom - Cover Story

Industry Reacts to GM's Disclosure Policy

By Gregory Arroyo

General Motors dealers who sell non-GM service contracts, parts and accessories must now disclose to their customers that the products are not backed by the automaker. Dealer trade groups believe the OEM’s stated goal of enhanced ‘safety and transparency’ is not the real reason for the new policy.

Tags: aftermarket accessories, compliance, customer disclosures, dealers, F&I managers, General Motors, parts and service, vehicle service contracts

August 2017, Auto Dealer Today - WebXclusive

Top 5 States for New Dealerships

By Vic Lance

Check out five states NADA Data indicates could be the ideal location for your next dealership.

August 2017, F&I and Showroom - Feature

Setting Up the Edesk

By Gil Van Over

Continuing with his noble effort to define the edealership, the magazine’s resident compliance pro explains why the desking process is ripe for digitization.

Tags: auto finance, compliance, desking, digital retailing, F&I manager, online F&I

August 2017, F&I and Showroom - Feature

Examining the CFPB’s Arbitration Rule

By Thomas B. Hudson, Esq.

Legal experts break down the Consumer Financial Protection Bureau’s new arbitration rule and how it could affect your dealership.

Tags: arbitration agreements, auto finance, CFPB, compliance, F&I products, Richard Cordray, vehicle service contracts

August 2017, F&I and Showroom - Feature

6 Legal Challenges for California Dealers

By Alejandro David Szwarcsztejn

California auto dealers and their employees are on a litigation collision course. Attorney lists six problem areas to discuss with counsel.

Tags: California, California New Car Dealers Association, compliance, Fair Labor Standards Act, labor laws

July 2017, F&I and Showroom - Feature

Kinks Will Be Kinks

By Gil Van Over

Electronic processes won’t cure the ‘kinks’ who flout the rules and regulations governing F&I, but they will make their bad behavior easier to track.

Tags: auto finance, compliance, Credit Applications, desk managers, desking, Gil Van Over, Payment Packing

July 2017, F&I and Showroom - Feature

A Wolf In Sheep’s Clothing

By Thomas B. Hudson, Esq.

The magazine’s legal wiz reminds dealers and F&I pros why it’s wise to assume every customer knows the bad compliance practices you should have outlawed years ago.

Tags: compliance, F&I manager, GAP, Payment Packing, Regulations

July 2017, F&I and Showroom - WebXclusive

FIDOY Nomination Period Extended to July 21

By Editorial Staff

The magazine has extended the nomination period for its 2017 F&I Dealer of the Year contest to July 21. Dealership employees, general agents, vendors, finance sources, and F&I product providers are encouraged to nominate their stores and dealer clients.

Tags: American Financial & Automotive Services, DOY Pacesetters, DOY Winners, F&I office

June 2017, F&I and Showroom - Feature

Defining the Edealership

By Gil Van Over

Evolving times require evolving minds. Compliance expert offers a case study to help conceptualize the concept of converting brick-and-mortar dealerships into internet sales hubs.

Tags: digital retailing, econtracting, edealership

May 2017, Auto Dealer Today - WebXclusive

OEM Sales Quotas and the Dependable Dodge Decision

By Christian Scali and Monica Baumann

The owners of Dependable Dodge scored a judicial victory that further erodes manufacturers’ rights to ax franchises that don’t meet their sales quotas.

Tags: Dependable Dodge, disenfranchisement, Franchise Laws

May 2017, F&I and Showroom - WebXclusive

OEM Sales Quotas and the Dependable Dodge Decision

By Christian Scali and Monica Baumann

The owners of Dependable Dodge scored a judicial victory that further erodes manufacturers’ rights to ax franchises that don’t meet their sales quotas.

Tags: Dependable Dodge, disenfranchisement, Franchise Laws

May 2017, F&I and Showroom - Feature

Playing With Fire

©iStockphoto.com/egdigital 

By Christian Scali and Monica Baumann

Two attorneys issue a warning about a new sales trick circulating through the industry. Their advice: If it’s too good to be true, it probably is.

Tags: compliance, Consumer Financial Protection Bureau, digital marketing, digital retailing, Eric Schneiderman, fraud, FTC Act, Internet Leads, NY Attorney General, Payment Packing, sales, UDAP

May 2017, F&I and Showroom - Feature

Credit App Fraud Not a Victimless Crime

By Gil Van Over

Falsifying any of the five key credit determinants on a credit application generates a long list of potential victims inside and outside the dealership.

Tags: auto finance, compliance, Credit Applications, F&I process

April 2017, F&I and Showroom - Feature

Navigating the 'New' Used Car Buyer’s Guide

By Gil Van Over

The magazine’s compliance guru breaks down the Federal Trade Commission’s final revisions to the Used Car Rule. His message to dealers is don’t overthink it.

Tags: compliance, CPO, Federal Trade Commission, service contract, Used Car Buyer's Guide, Used Car Rule, warranty

March 2017, F&I and Showroom - WebXclusive

5 Ways Trump Can Alter Finance

President Donald Trump promised sweeping regulatory reform on the campaign trail and could play a pivotal role in easing or eliminating some regulations affecting the auto finance industry. Photo by Gage Skidmore

By Christian Scali and Monica Baumann

Auto dealer regulations face an uncertain future under the Trump presidency. Two California-based attorneys take a look at the road ahead for the CFPB, the FTC, and state regulators.

Tags: arbitration agreements, attorney general, CFPB, dealer participation, Donald Trump, FTC

March 2017, F&I and Showroom - Feature

Remote Deliveries: Proceed With Caution

By Gil Van Over

When it comes to out-of-state deliveries, the magazine’s resident compliance guru says proceed with caution. He lays out a simple process for guarding your dealership against ID thieves.

Tags: compliance, digital retailing, F&I process, online F&I, Red Flags Rule, Remote Deliveries

March 2017, F&I and Showroom - Feature

The Rising Cost of Noncompliance

Ken Suprenant 

By Ken Suprenant

Compliance expert says the propagation of rules and escalation of enforcement should persuade more dealers to invest in basic compliance safeguards.

Tags: compliance, National Credit Center, OFAC checks, Red Flags Rule, Safeguards Rule

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