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You can create a simple test deal file and pop quiz to administer during the interview process that will tell you how compliant the applicant really is, vis-a-vis your compliance standards.
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Don’t let lame excuses for non-compliance derail your dealer’s efforts.
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A dealership sold and financed a vehicle to an identity thief, even after seven red flags were identified. Truly managing the process means vetting and clearing any red flags before delivering the vehicle.
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Implementing pricing guidelines is not a guarantee that the regulators will stay away, but properly implemented and managed, it should provide a plausible defense of your F&I pricing practices.
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As we enter a new administration, dealers will need to continue navigating new sales processes while also reverting their attention to risk management and government regulators. Let’s take a look at the likely highest risk areas and discuss a plan to mitigate them.
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If you do not have a CMS and continuous monitoring in place now, today is a good day to start.
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Here are three popular excuses when dealership managers try to explain away a compliance violation — don’t let these non-excuses derail your compliance efforts.
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Most dealers rely on one or more software providers to manage and document all their transactions and many businesses count on a robust disaster recovery plan in the event their IT infrastructure fails.
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Where we had previously been moving at a sloth pace to digitize the entire buying process, the auto industry is accelerating many processes in response to COVID-19.
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A dealership was recently discovered to have a prevalent policy and practice of inflating consumers’ incomes to obtain finance source approvals. Reading between the lines of the story, there are a variety of lessons to be learned.
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