The Compliance Bombshell
When hit with the compliance bombshell, you need to understand what compliance means to your client and what exactly you are being asked to do.
When hit with the compliance bombshell, you need to understand what compliance means to your client and what exactly you are being asked to do.
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.
Don’t let lame excuses for non-compliance derail your dealer’s efforts.
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.
Even with the benefits of moving into the digital world, some risks have also amplified. Taking some of these precautions can help your dealer avoid the angst of identity theft.
Law requires that dealers have policies, procedures, and processes in place to reasonably detect and prevent identity theft. Agents can assist their dealer-clients to ensure these updates are completed and solutions implemented.
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.
An unspoken truth is that sometimes a drastic, calamitic action has to sideswipe a process to speed up the evolutionary process. The calamity known as COVID-19 is acting as an agent of revolutionary change in dealer’s sales processes.
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