The Road to ROI with F&I

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.

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.

Dealership compliance is a vital and necessary part of running your business correctly. Dealership compliance is the only way to avoid expensive lawsuits and maintain a good reputation. Customers remain loyal to a dealership with compliance training because following compliance laws helps to build trust. With laws changing continually and the introduction of new employees to the dealership, ensuring compliance is a difficult task. These tips can help you maintain compliance in your dealership at all times.

The complex and ever-changing rules of Finance and Insurance compliance may be frustrating to keep track of, but they exist for a very important reason. These rules keep dealerships from even accidentally taking advantage of customers. Without strict enforcement of F&I compliance, a single stray salesperson could ruin the fair business record of an entire dealership. While constant re-training is necessary for absolute compliance, you can prepare your team to always work in the spirit of F&I protections by training them in transparency and good-faith sales.

Most of us view paperwork as tedious and cumbersome to the process of doing our regular work, especially when it comes to F&I Compliance. And most of us probably sit in front of a pile of forms and documents and think, "What have I gotten myself into?" No one likes paperwork, so don't feel alone. The trick to tackling it is understanding where to start and having a mapped out battle plan. 

So, you have to start by getting your team to view things through the eyes of an accountant (paperwork heaven...made you shudder huh?); or we can train your team to establish a consistent means of dealing with and processing paperwork (that does sound better).