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Innovative Tips to Stay Consistent with Deal Audits

Posted by Vanguard Dealer Services on Mar 1, 2021 9:30:00 AM

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In the automotive industry, laws and regulations are always being updated and changed. It’s essential to keep up on the latest information and news and also be consistent with Deal Audits. Here are a few tips to consider when needing to keep your dealership compliant.

Keep Tabs on the Industry

Auditing rules keep changing, especially those that govern external audits. Therefore, you should monitor relevant news and any announcements regarding audits to avoid making mistakes. As an example, since the automotive field is connected to financing institutions, you should follow the Gramm-Leach-Bliley Privacy Rule to avoid making mistakes when dealing with a consumer's "nonpublic personal information," and so on.

Meet with Your Team

Whether you are the owner, dealer principal, general manager, financial manager, or any other personnel responsible for the dealership audit, you need to meet with the team to ensure that you are all on the same page. Everyone needs to understand their roles, responsibilities and should be capable of completing them. Be sure to answer any audit questions they may have during this process.

Attend Automotive Industry Events

While the pandemic has kept large industry events from occurring live, there are ample virtual events and online webinars that you and your team can take advantage of. This will help keep you updated on any important industry news and trends. Expos, large industry conferences, webinars, seminars, and networking events are always helpful and will aid your ability to stay current with updates and industry changes.

Auditing an automotive dealership is crucial. These tips can help you stay consistent with deal audits. If you have questions or need more information, contact us today.

Topics: compliance, dealership compliance, Automotive dealership compliance, F&I Compliance

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