Who at your Dealership is inspecting what Federal Regulators are expecting?
With the CFPB restructuring, recent Dodd-Frank amendments, and with multiple dealer groups being publicized for infractions, it is more critical than ever for dealers to install, train, and maintain compliance standards.
Dealerships’ Management is expected to comply daily with multiple regulations – this can be very demanding to say the least. Privacy Rules, Risked Based Pricing, Red Flags, and Safeguards alone are enough to complicate and lengthen the sales process. There are additional regulations that must be met in the F&I process, however, these four areas are the most prevalent during the sales process.
Dealerships are required to have Compliance Officers that meet on a regular basis to audit and review potential Identity Theft issues and compliance challenges, conduct annual compliance training, and the officer’s names must be published for the public to see. Dealers are also responsible for maintaining a written Customer Resolution Process, documenting any incidents in their dealership. Comments from dealers have included “complicated” and “time consuming” and “inconsistent”.
National Dealer Alliance Group specializes in Dealership Compliance. We inspect, install and monitor all necessary federal standards, so that our dealers can focus on selling vehicles. To schedule your no-cost Compliance Audit, contact us at 972-869-2211.