As an automotive dealer in the US, you must be conversant with consumer protection regulations, federal and state laws. The Federal Consumer Leasing Act, Truth in Lending Act, Fair Credit Reporting Act, and Gramm-Leach-Bliley Act are but a few examples. Any breach of these legislations will see you face heavy penalties and steep fines.
How Automotive Dealership Compliance Can Ease Your Legal Nightmare
Topics: Auto Dealer Compliance Fines, Automotive dealership compliance, dealership best practices
Stay Consistent with Deal Audits: Tips for Staying Compliant
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!
Topics: Auto Dealer Compliance Fines, F&I Compliance, dealer audits
How to Achieve a Compliance-Focused Dealership
Nowadays, there are multiple state and federal regulations regarding automotive dealerships. These regulations' primary intent is to protect consumers as well as employees from unethical practices.
You risk paying hefty fines and other consequences if you run afoul of these regulations, not to mention the damage to your reputation. Thus, the best thing to do is always ensure you maintain a dealership that adheres to state and federal regulations. Below are the top five ways of ensuring your dealership remains compliant.
Topics: Auto Dealer Compliance Fines, compliance, Automotive dealership compliance, F&I Compliance
3 Reasons Why Your Dealership Needs to Hyper-Focus on Compliance
While there are no laws that require you have to hire a compliance officer, there's a chance that without a hyper-focus on compliance, you could wind up breaking actual laws as a result.
Let us explain.
Topics: Auto Dealer Compliance Fines, Compliance Fines for Automotive Dealers, compliance, dealership compliance, Automotive dealership compliance, F&I Compliance
Dealership Compliance: State and Federal Regulations
Dealership compliance has never been more important. Businesses are going to suffer in the wake of the pandemic. Do not put your dealership at a disadvantage by falling out of compliance with state and federal regulations. With more people getting out and about dealerships are opening again. Make sure your dealership is ready to float in the sea of uncertainty that is today's consumer market. Is your dealership compliant with federal and state regulations?
Topics: Auto Dealer Compliance Fines, compliance, dealership compliance, Automotive dealership compliance
Compliance Fines Auto Dealerships Should Look For
Compliance is something all companies have to adhere to in some form or fashion. Dealerships are no different when it comes to being compliant to several policies and procedures. What happens when a company, or for the sake of this blog post, a dealership is not compliant? Well, not being compliant usually follows up with specific fines and penalties. For dealers, here are some compliance fines you may have to face.
Topics: Auto Dealer Compliance Fines