The Road to ROI with F&I

Stay Consistent with Deal Audits: Tips for Staying Compliant

Posted by Valentin P. Sanchez on Sep 8, 2021 10:12:01 AM

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Dealerships are under a lot of scrutiny these days. In order to comply with state and federal regulations, it's important that dealerships stay up-to-date on the latest laws. That being said, many dealerships fail to keep their compliance in check because they don't know how or where to start. Fortunately for you, we have compiled a list of tips that will help you stay compliant with new deals and regulations so your dealership can continue doing what it does best: helping customers find the perfect car!

 

  1. Perform Deal Audits on a regular basis.

Deal audits are a crucial way to stay compliant. Some dealerships only perform them when they receive an audit from the state or federal government, but this is not enough because there's no guarantee that you'll be audited at all. To avoid any issues with compliance and getting penalized for fines, make sure your dealership performs deal audits on a regular basis.

If you want to stay compliant, it's essential that your dealership stays up-to-date on the latest deals and regulations. To ensure this happens, make sure deal audits are performed regularly!

 

  1. Pay attention to news and announcements in regard to dealership compliance changes and law adjustments.

The dealership compliance team tracks any changes in the law and posts them on our blog, so it's important that you keep your finger on the pulse of new legislation! We post all types of updates, such as how to deal with state audits or how to fill out paperwork for proper documentation. If you are aware of these updates, then there is less of a chance that your dealership will be penalized for infractions.

 

  1. Meet with your team to review these updates and changes to ensure everyone is on the same page.

You should also meet with your team of employees to make sure that everyone is on the same page. You can use the meeting as an opportunity to teach them about the new regulations and answer any questions they might have. This is especially important for dealerships that have employees in other regions because different states and federal regulations may be applied to them.

 

  1. Attend automotive expos and seminars that share announcements on the latest updates and news in the industry.

Attending automotive expos and seminars that share announcements on the latest updates and news in the industry is also a great way to stay compliant. It's important to keep up-to-date on new regulations and expos provide a great opportunity for dealerships to do so.

Exposing your dealership employees to automotive seminars will ensure that they know the latest in compliance, allowing them to help customers more effectively!

 

  1. Work with a vendor who provides ongoing deal audits to keep your dealership compliant.

Vendors who provide ongoing compliance audits can help you stay compliant and avoid any fines or penalties. Vendors usually handle all of the leg work, so this process is much easier for dealerships that are busy with other responsibilities!

If your dealership has a vendor like ours on board to assist in deal audits, then there is no need to worry about being compliant.

 

Dealerships are under a lot of scrutiny these days and it's crucial that dealers stay in compliance with state and federal regulations. Check out this blog post for tips on how you can do just that!

Connect with us HERE at Vanguard Dealer Services to find out more about how we can help your business stay compliant and provide you with the support that your dealership needs to succeed.

Topics: Auto Dealer Compliance Fines, F&I Compliance, dealer audits

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