The Road to ROI with F&I

The 5 Tips to Keep Up With Dealership Compliance

Posted by Vanguard Dealer Services on Jun 13, 2022 9:30:00 AM

Compliance-tech-1400

How does your company meet its dealership compliance? Are you meeting the best market practices and trends? Dealerships need to stay compliant with the latest state and federal regulations. Here are ways a dealership can meet compliance to ensure its success.

  1.    Perform Monthly Deal Audits
    Conducting monthly audits ensures that all the paperwork is in order. To achieve this, keep and update your filing system. Audits prevent the loss of documents and help plan for uncertainties to avoid the loss of a license, fines, and legal fees.
  2.    Stay Updated
    Pay attention to news and announcements about dealership compliance changes and law adjustments. It's prevalent for the motor vehicle industry to make regular law adjustments.
    Use certification courses, and trainings to ensure that meet the latest trends and practices in the industry.
  3.    Conduct Team Review
    Meet with your team to review current updates and changes to ensure everyone is on the same page. Existing and new hires must understand the current trending best practices to meet the organizational short-term and long-term goals.
  4.    Training
    Expand your knowledge by attending automotive seminars and expos that share announcements on the latest news and updates in the industry. 
  5.    Engage a Certified Vendor
    Engage the services of a vendor who provides ongoing deal audits to ensure that your dealership meets compliance. A reliable partner will go the extra mile to integrate their services with your systems. It helps prevent fraudulent activities and meet legal obligations while the company stays in business to meet its goals.

Does your dealership meet the required compliance regulations requirements? What strategy is your organization applying? Do you want your dealership to be compliant? We cover you in the background, leaving you to run the business.

Contact us to schedule a call. Our team is on standby to analyze your strategy and develop a framework that drives your business forward.

Topics: dealership compliance, F&I Compliance, dealership best practices

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