The Road to ROI with F&I

How to Achieve a Compliance-Focused Dealership

Posted by Valentin P. Sanchez on Jun 22, 2021 1:50:40 PM

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Nowadays, there are multiple state and federal regulations regarding automotive dealerships. These regulations' primary intent is to protect consumers as well as employees from unethical practices. 

You risk paying hefty fines and other consequences if you run afoul of these regulations, not to mention the damage to your reputation. Thus, the best thing to do is always ensure you maintain a dealership that adheres to state and federal regulations. Below are the top five ways of ensuring your dealership remains compliant.

  1. Perform Deal Audits

Performing deal audits can save you from a lot of trouble. First, you get to avoid legal trouble that comes with violating complaisance protocol and practices. Secondly, you discover problems you didn't notice before. And lastly, you can rest assured that you are complying with the dealership code of ethics.

  1. Pay Attention to Law Changes

Every year, laws dictating your dealership's compliance change. These frequent changes can make it difficult for you as a dealership decision-maker to comply with state and federal laws. However, you must keep in touch with these changes by paying attention to news and announcements about dealerships.

  1. Review Changes with Your Team

After knowing the new changes in laws governing your dealership's compliance, the next step is to sit down with your staff and ensure they, too, understand the new changes. This ensures everyone is on the same page and so you can avoid problems.

  1. Attend Automotive Expos and Seminars 

Attending automotive seminars and expos is another effective way of staying in touch with the current automotive dealership laws and regulations. As a dealership decision-maker, always make time for such events to get the latest news on car dealership compliance.

  1. Work with Deal Audits Vendor

A vendor audit that is compliance-focused should consider risk management, privacy considerations, scope, and documentation. You need to work closely with a vendor who will continuously perform audits to ensure your complaisance.

Conclusion

The above are the five ways to ensure your dealership business avoids any legal problems. Protect your car dealership business by adhering to the regulations regarding dealerships. 

You can contact us or visit our blog for more dealership information

Topics: Auto Dealer Compliance Fines, compliance, Automotive dealership compliance, F&I Compliance

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