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Terry O’Loughlin is director of compliance for Reynolds and Reynolds and is admitted to the Pennsylvania and Florida bars. Before joining Reynolds, he was employed by the Florida Office of the Attorney General, where he investigated automobile dealers and financing sources. He previously was a public accountant.
The UDAP act makes dealerships vulnerable to lawsuits by the expansive exposure it allows, with even minor staff carelessness potentially putting the business at risk.
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If dealers observe a modicum of compliance protocols, they can contain almost all regulatory perils. Dealers and their trade organizations are a formidable political force and should be lobbying together.
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The coronavirus appears to be driving the automotive industry to selling vehicles remotely, a radical departure from the traditional dealer model. By identifying the issues that dealers need to contemplate, we find some solutions to the new direction we’re heading.
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