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Red Flags

Finding the Right Solution

January 2009, F&I and Showroom - Feature

by Gregory Arroyo - Also by this author

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FINDING THE RIGHT SOLUTION
By Joe Bartolone

The Red Flag Rule will definitely be a hot topic at this year's National Automobile Dealers Association (NADA) convention. Here are a few questions to help you find the right solution.

  • What element(s) of the Red Flag Rule does your solution address? Total or partial solution
  • What training solutions are included with your solution? (e.g., onsite, online, other types of media)
  • How does your solution identify and detect red flags? You want to know how much of the process is manual, electronic, and whether the solution can be utilized with an existing technology.
  • How will your solution help prevent and mitigate identity theft? What part of the solution is subjective and based on statistical analysis? And what part offers true identity verifi cation? Does the solution offer out-of-wallet challenge questions, or information typically not found in a person's wallet?
  • What is the cost of your solution? Technical solutions can be transaction-based or based on an annual no-limit fee. Consulting services are generally based on a daily rate plus expenses. Attorney's fees could be hourly or daily.
  • Do you offer a template solution for the Red Flag program? A template solution is easily customizable and more cost-effective than custom solutions.
  • How long will it take to implement your solution? In addition to time, consider how intrusive the implementation of the solution may be to your daily operations.

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