The automotive industry has stringent laws that every dealership must comply with to protect customers and employers from unfavorable practices. Overlooking these laws can lead to hefty fines and penalties and a bad reputation for your dealership. But how do you keep your dealership compliant? Here are five strategies to ensure your dealership stays compliant.
Perform Monthly Deal Audits
Deal jacket audits are a great way to monitor dealership compliance, identify problems, and enhance internal controls. The audit helps you adhere to the appropriate policies and procedures, thus, keeping your dealership compliant. It is best to conduct deal audits on a monthly basis.
Watch Out for News and Announcements
Changes and new regulations often come up in the car dealership industry. You should have a reliable source to receive the news updated in real-time. It is best to partner with a reliable and experienced dealership compliance vendor to keep you updated and manage your confidence, enabling your business to stay compliant.
Involve All Your Team Members
It is imperative to let your team know of any changes and updates with dealership compliance. Inform the departmental heads or the entire team at once, depending on your communication channels. Ensure that each team member is updated.
Attend Automotive Expos and Seminars
The automotive industry holds seminars and events, and this is a great platform to engage with like-minded dealers to get news and updates within the industry. Such gatherings also enable you to share business challenges and learn about the new regulations.
Work With a Vendor Who Provides Ongoing Deal Audits
It is best to hire a consultant to audit your procedures and determine whether your dealership is compliant. The vendor helps make sure your dealership stays compliant. While this will cost you money, it won't be higher than the fines and penalties you'd pay if your business is not compliant.
Interested in Ongoing Deal Audits?
Partnering with Vanguard Dealer Services keeps your dealership compliant. We keep you updated with the latest news and regulations, thus, enabling your business to stay compliant without worrying about hefty fines and penalties. Contact us today for more information.