Gil Van Over of Automotive Compliance Education (ACE) tackles your most pressing regulatory concerns and the latest enforcement actions.
Knowing when to file FinCEN 83011 is serious stuff that could subject the dealership to significant fines after an audit. A little bit of training upfront could avoid some pain later.
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.
Checking OFAC is not a recommendation – it is required by federal statute. Not taking it seriously could result in major consequences for the dealer.
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.
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.
Following a few simple recommendations puts a dealership one step closer to a solid, defensible compliance strategy.
While the processes necessary to complete digital remote deliveries have been available for a while, dealers were slowly transitioning from paper-driven to digital. Coronavirus has accelerated that transition in many dealerships.
Kicking the trade is an old-school tactic employed by unscrupulous sales people, sales managers, and F&I managers. Being aggressive and going after every possible deal, while employing a deceptive practice to finalize the sale is simply not worth the risk.
Do you know how to vet a paystub for legitimacy? These 10 tips can help you catch the phonies.
We should call it transaction compliance, rather than F&I compliance.