The Road to ROI with F&I

5 Practices to Stay Consistent with Deal Audits

Posted by Valentin P. Sanchez on May 18, 2020 9:15:00 AM

Compliance with various state and federal rules and regulations is a crucial requirement for any business to thrive. The automobile dealership industry is no exception to this.  One effective way to handle compliance in this business is through the implementation of deal audits.

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Topics: compliance, dealership compliance

Ensuring Dealership Compliance with Key Regulations

Posted by Valentin P. Sanchez on Mar 16, 2020 9:30:00 AM

American car dealerships face a huge variety of laws and regulations. While failing to follow some of them may lead to losing money and clients, breaking certain rules could result in bankruptcy and imprisonment.

Let's go over the most important regulations to follow to ensure dealership compliance and smooth work of your company.

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Topics: compliance, F&I Compliance

Dealership Solutions: The Importance of Protecting Customers

Posted by Vanguard Dealer Services on Mar 18, 2019 1:30:00 PM

Before a customer buys a car from your lot, they want to ensure that they are protected. Protection programs can give car buyers peace of mind as they walk out of your finance and insurance (F&I) office. They can leave worry free. But how important is providing protection for customers?

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Topics: Vehicle Service Contract, VSC, Finance and Insurance, compliance, Customer Service

Why Lack Of Dealership Compliance Needs To Be A Fireable Offense

Posted by Vanguard Dealer Services on Jul 28, 2016 12:08:19 PM

Every dealership needs to have protocols that are to be followed. Sales team members need to be aware of dealership compliance due to the legal requirements of disclosing all information. Further, it should be a fireable offense in the event that a team member fails to maintain dealership compliance.

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Topics: F&I, compliance, dealership compliance

Avoid Costly Dealership Compliance Pitfalls

Posted by Vanguard Dealer Services on Jul 7, 2016 10:30:00 AM

In any dealership, compliance issues waste time between the sales office and the finance office. Stipulated documentation is often disputed, glossed over or entirely dismissed by sales managers with a big gross in their sights. There is a marked tendency among sales staff to shirk responsibility for missing documentation once a deal reaches the finance department. Missing documentation prevents deal finalization, sometimes resulting in a delay of weeks before a contract is properly assembled. All such activity results in customer and employee stress, creates friction between departments, and wastes money.

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Topics: compliance, dealership compliance

Survey Finds Customers More Comfortable with Trained and Certified Staff

Posted by Vanguard Dealer Services on Jun 21, 2016 11:30:00 AM

A survey completed in March found that 73% of customers are more comfortable working with dealership staff who have completed compliance training and have certificates on display. Business managers are imperative to maintaining a successful dealership, the best business managers are honest, trustworthy, ethical and empathetic. Consumers trust staff who display clear understanding and thorough knowledge of all products offered. Proper training for business managers can lead to more innovation, increased sales, and help customers feel more comfortable.

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Topics: compliance

The Importance of Ensuring Dealership Compliance

Posted by Vanguard Dealer Services on Jun 15, 2016 1:28:46 PM

Automotive dealerships face a staggering number of federal and state regulations. Failure to comply with these regulations can result in penalties such as warnings, monetary fines, suspension or revocation of an automotive dealer’s license or even imprisonment. With dozens of regulations pertaining to a wide range of topics from equal opportunity standards to odometer status to credit reporting, it can be a challenge to ensure dealership compliance without the help of trained professionals.  Below are just a few of the many standards with which a dealership must comply. 

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Topics: compliance, dealership compliance

3 Ways Dealership Compliance Can Make or Break Your Dealership

Posted by Vanguard Dealer Services on Jun 2, 2016 11:00:00 AM

There are few things that should take as high a priority in the operation of dealerships as that of dealership compliance. Failure to ensure strict adherence to the ever-changing details and legalities involved could result in serious consequences. Conversely, dealers that stay on top of this important aspect of operating a successful dealership can gain a competitive advantage.

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Topics: compliance, dealership compliance

How to Work With Your Dealership Compliance Officer

Posted by Vanguard Dealer Services on May 17, 2016 9:30:00 AM

The world of dealership compliance is often tricky. Sales staff are not always familiar with new laws or they forget the details. Violating laws and regulations can cost a dealership owner thousands of dollars. By law, every dealership must work with a compliance officer. To get the most out of this relationship, there are ways to work more effectively with the officer to use his skills to your advantage.

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Topics: compliance, dealership compliance

Lack of Dealership Compliance Affects Customer Trust – and Loses Sales

Posted by Vanguard Dealer Services on May 11, 2016 11:00:00 AM

Do your customers ask about dealership compliance and expect your sales staff to produce training certificates? Probably not, but that doesn’t mean they aren’t thinking about it. According to a March 2016 survey conducted by the Total Dealer Compliance (TDC) organization, 73% of consumers feel more at ease working with a dealership staff that is fully compliance trained and displays their completion certificates. Yet, only 37% of dealerships actually make sure all of their staff has comprehensive compliance training. This all leads to lost profits.

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Topics: compliance, dealership compliance

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