F&I TV sits down this month with DealerTrack's Raj Sundaram to discuss the Red Flags Rule and what the company is doing to help dealers comply.
The senior vice president of DealerTrack's Dealer Solutions Group talks about the need for dealers to develop a written policy. He also talks about the company’s new Red Flags compliance tool, as well as the company's recently released Red Flags policy template.
"The policy requirement is a big one because that's the first question dealers are going to be asked if somebody is auditing the dealership," Sundaram says during the interview.
Sundaram says there's still a lot of confusion surrounding the rule, something DealerTrack as attempted to alleviate by staging Red Flag Webinars at least once a month. It was through these Webinars that the company decided a policy template was needed.
"It's not too late … clearly [dealers who are not compliant] are behind the eight ball," he said. "What we have done is made a sample process and policy available to customers free of charge. It's a turnkey template.
"We're trying to alleviate dealers' fears about the Red Flag Rules," he added. "It's not as challenging as it sounds."
To view the full video interview, go to www.fi-magazine.com and select the feature interview tab on the right to start the video.