In this news roundup from Dealertrack, we examine how dealerships are adapting their fraud detection practices for digital sales, explore the risks to dealerships and customers from DMV backlogs caused by COVID-19 shutdowns, and…
Best Practices for Remote Signing
Dealerships have made impressive strides in responding to the restrictions imposed by stay-at-home orders and social distancing rules by adopting tools that allow them to work with customers remotely. One vital part of that…
Staying Compliant While Working Remotely
Staying Compliant While Working Remotely The rapidly changing circumstances around the COVID-19 pandemic are forcing dealerships to adapt quickly. In areas where shelter-in-place or stay-at-home orders have led to closed showrooms, some dealership personnel…
Stranger Danger: Why Identity Verification is Important for Compliance
In 2019 alone, the Federal Trade Commission received more than 650,000 reports of identity theft, which makes it the most common fraud category for the year. Legislators and consumer protection agencies are well aware…
Don’t Play “Hot Potato” With Adverse Action Notices
As much as your dealership would like to be able to sell to every customer, sometimes it doesn’t work out. Maybe a customer was credit-challenged, so you decided not to send their application to…
3 Things to Know About Risk-Based Pricing Notices
Many of your dealership’s compliance responsibilities are designed to inform and protect consumers as they make financial decisions. That is definitely the case for the Federal Trade Commission’s Risk-Based Pricing Rule of the Fair…
The 5 Ws of Privacy Notice Compliance for Dealerships
Your dealership’s privacy notice may seem like just another piece of paperwork, but it’s a vital part of your compliance plan. The federal and state consumer protection regulations that require privacy notices address a…
New in Compliance for 2020
The regulatory landscape changes every year, so staying compliant with all of the laws and regulations that apply to your dealership can be a challenge. But if you don’t stay on top of it,…
What Dealerships Need to Know About Electronic Signatures
In the year 2000, Tiger Woods became the youngest golfer to win a career Grand Slam, the original Mini ceased production, and the U.S. passed the E-Sign Act (Electronic Signatures in Global and National…
Drive to Success: Innovation and Drive for your F&I Strategy
The F&I process, for most dealerships, generates significant potential profit for the business. But regulatory compliance, buyer frustration, and shrinking margins are daily hurdles that threaten to make the F&I process a losing battle.…
7 Features Your Compliance Software Should Have
According to the Center for Automotive Research (CAR), regulatory compliance costs the average dealership profits from an estimated 100 car sales every year. The group’s study on the impact of federal regulations on franchised dealerships found that 61 percent of…
3 Questions You Should Ask About Your F&I Compliance Technology
Advanced automotive retail technology offers streamlined dealer workflows designed to improve the customer experience and ultimately enhance your profits. These workflows can provide other crucial benefits, including regulatory compliance safeguards and protections against consumer fraud, integrated across the sales and F&I workflow. Here are three questions to…
