TORRANCE, Calif. — Compliance expert Gil Van Over enters the F&I Think Tank on Wednesday, July 11, at 11 a.m. PT/2 p.m. ET for Part Two of F&I and Showroom’s compliance webinar series, “CFPB Defanged: Rise of the eDealership.”
The webinar picks up where Hudson Cook LLP’s Eric Johnson left off, as Van Over will take registrants through the road to the sale to identify compliance risks and threats, as well as offer best practices dealers can employ as part of their compliance process. He will also focus on the paper trail, and what that needs to look like to demonstrate a dealer’s compliance with state and federal regulations.
“Eric covered the ‘who, what, when and where’ when it comes to the next wave of compliance,” said Gregory Arroyo, editorial director of F&I and Showroom and Auto Dealer Today magazines. “Gil is going to delve into the ‘how’ dealers can safeguard their operations and prepare for that next wave.”
During Johnson’s F&I Think Tank presentation on June 6, the attorney covered Mick Mulvaney’s comments at the National Association of Attorneys General’s winter conference, where the Consumer Financial Protection Bureau’s acting director said the bureau will look to state regulators and Attorneys General “for a lot more leadership when it comes to enforcement.”
“So he’s asking them to become more engaged, to be more active,” Johnson said during his presentation.
The attorney also warned not to forget about the Federal Trade Commission, which is now operating with five confirmed and sworn in commissioners for the first time in a few years. “And don’t think they won’t want to make a big splash, because the FTC is now fulling staffed and they’re going to be running on all cylinders now,” Johnson said, adding that data security, Military Lending Act issues, illegal debt-collection practices, and unfair and deceptive acts or practices will be key focus areas for the regulator.
Van Over is the president and founder of gvo3 & Associates, which specializes in developing and implementing compliance strategies for dealers. He’s also a founding member of Dealertrack’s Compliance Advisory Council, a regular contributor to F&I and Showroom magazine, and author of “Automotive Compliance in a Digital World.”
A key focus of his July 11 presentation will be on today’s pulp-to-ions drive, as he’ll define the eDealership and explain why digitizing dealership processes may be a dealer’s best defense against the next wave of regulatory compliance. As he wrote in F&I and Showroom’s August 2017 issue, if a dealership “is still buying Sharpies to complete paper four-squares, we will probably find a higher percentage of packed payments or potentially discriminatory pricing — that’s if we can fully decipher the scrawl and figure out whether the green Sharpie is the first pencil or the final agreement.”
“Gil is going to cover compliance best practices, talk about quoting payments in the showroom, explain why using electronic F&I menus and desking tool is critical, and much more,” Arroyo said. “It’s important to remember that Gil also serves as an expert witness and has defended dealers against lawsuits and regulator inquiries. So there’s no one more versed in what makes for a solid compliance defense plan than Gil.”
To register for “CFPB Defanged: Rise of the eDealership,” click here.