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.
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.
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.
Compliance expert shares simple tips you can use to structure your “road to the sale” training.
I propose that your F&I and sales disclosure compliance models mirror the sales and F&I processes at dealerships in California — what is required by statute in California, should be considered best practices in the other 49 states.
The FTC recently issued a report that summarizes its enforcement actions, roundtable findings, consumer workshops, and in-person interviews with 38 Washington D.C. metro-area consumers focused on deceptive advertising practices, spot-delivery, and voluntary protection products.
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.
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.
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.
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