Dealership compliance is a vital consideration, especially after the creation of the Consumer Finance Protection Bureau. It is your job to keep up with numerous regulations, from marketing to F&I and inventory. Although it seems like a lot of work, these five strategies can help keep your dealership compliant.
Perform Audits
An audit guarantees your paperwork is in order throughout the year. Start by ensuring you have a proper filing system to prevent any loss of documentation. It will also help if you schedule exact dates for these monthly audits to avoid costly mistakes.
Stay Updated with Dealership Announcements and News
Always pay close attention to any news or announcement pieces regarding dealership compliance changes. The automotive industry experiences law adjustment often, and you need to keep up. Consider delegating an employee to spearhead your compliance strategy. Send him/her to training, seminars, and certification courses, thus ensuring dealership protection from any exposure.
Review Any Updates with Your Team
Create a regular schedule for employee meetings dedicated to reviewing any changes in dealership compliance laws and regulations. Because your employee turnover rate is significantly high and legislation is constantly changing, these meetings are crucial. Review any updates with the entire team and ensure every person, including new hires, understands the regulations.
Don't Forget About Automotive Seminars and Expos
Attending one or two automotive seminars and expos every year is an excellent way of obtaining information. You will meet with other dealerships and share any difficulties concerning new regulations. Sending your staff to these events can also help boost morale and engagement.
Work with a Certified Vendor
Working with a certified vendor who provides continuous dealership audits will help keep your dealership compliant. At Vanguard Dealer Services, we work with your staff to ensure your business remains compliant. Ensure you reach out today to strengthen your dealership, stay compliant, and prevent any internal fraudulent activity.