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.
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.
One of the most important things a dealership can incorporate is consistent processes, and that includes a defensible paper trail.
Compliance expert shares simple tips you can use to structure your “road to the sale” training.
We live in an ‘Age of Compliance Awareness’ and someone is always watching. We should care about what they see.
On June 29, the United States Supreme Court ruled that the structure of the Consumer Financial Protection Bureau was unconstitutional. A compliance expert shares why this matters, and why it matters to dealers in particular.
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.
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.
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