The Road to ROI with F&I

Stay Consistent with Deal Audits

Posted by Valentin P. Sanchez on Apr 26, 2021 12:29:12 PM

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If you are running a dealership, you must have known by now that having a robust internal control environment is a crucial success factor in your business. With the proper internal controls and consistent audits, your organization cannot only achieve the set goals but also guaranteed operational efficiency and effectiveness.

Few individuals are consistent with deal audits, and others don't know the worth of being compliant. Let's explore why remaining consistent with on-site dealership compliance is vital for your car dealership.

Reasons for Staying Consistent with Deal Audits

  1. Vulnerability Reduction

Carrying out a compliance audit on site is considered a principal element of the comprehensive compliance process. Often, this process extends to several departments within your dealership. Thus, the on-site audit reduces vulnerability and increases profitability. Additionally, given that a compliance audit involves interviewing employees, it gives you an excellent opportunity to evaluate their adherence to the necessary policies and procedures.

  1. Improved Customer Experience

After a complete audit is done, you get a report that gives you an overview of the policies your dealership should adopt going forward. It also covers the best practices and procedures to be followed according to the necessary rules and regulations on compliance.

Most dealership owners and managers tend to avoid audits because they think it is unnecessary. However, it is a good thing. Besides tightening all the compliance straps, it helps you discover non-compliant activities and behaviors, thus improving customer experience.

  1. Keep Properly Trained Employees

Employees are a crucial success factor in your dealership. The level of training your employees have can break or grow your business. Carrying an on-site training will ensure that the right human resources policies and guidelines are adhered to when hiring, training, and developing employees. The audit will report on the type and frequency of employee training and give recommendations on areas that require improvement.

How to Stay Consistent with Deal Audits

  1. Sign Up for Regular Deal Audits

You need to ensure your dealership remains compliant, but you can achieve this with one audit every year. Sign up for regular deal jacket audits. You could even do this every month. Such thorough and routine checks will keep your business compliant and prepare it for profitability and success.  

  1. Stay Updated with Industry Trends

Compliance laws change often, and if you do not keep up with the industry trends, you might miss out on adjustments on essential laws adjustments. Get in touch with a compliance expert to keep you updated with any compliance changes in your industry.

  1. Participate in Various Industry Activities

The automotive industry holds numerous shows, seminars, and expos. While most people use such avenues as marketing platforms, they are also great resources for critical information about the industry. Make it a routine for your dealership to participate in such activities; it gives you and your employees a chance to learn about dealership issues, changes, and laws and regulations.  

  1. Regular Employee Training

The aim of deal auditing isn't to find flaws in your business but to ensure that your dealership is on the right path to success. However, you cannot achieve this if your employees do not have the proper training. Holding regular training and development equips your employees with the necessary skills and knowledge on compliance laws, policies, and procedures – something that is necessary for your dealership's success.

Dealership compliance is an essential component of success. Following the right procedures, policies and keeping top quality standards increases your bottom line. Is this a challenge you have? Partner with Vanguard Dealer Services to help you remain compliant while strategically positioning your dealership for growth.

Topics: compliance, dealership compliance, F&I Compliance, dealer audits

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