With the constant threat of audits, fines and lawsuits, every dealership must take compliance seriously. Fortunately, there are cost savings to be found in integrating finance and sales flow compliance functions. Here are seven…
eContracting and Data Security
Dealerships collect a significant amount of personally identifiable information (PII) about their customers in the process of selling them a vehicle and arranging financing. Information including the customer’s name, date of birth, place of…
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…
How econtracting can improve your dealership’s bottom line
When a dealership is considering a switch to electronic contracting from traditional paper contracts, it’s important for them to figure the value they’ll receive from modernizing their processes. Some paper contract expenses are easy…
F&I Compliance Tip: Red Flags Rule
Designed to prevent your dealership from becoming a victim of identity fraud, the “Red Flags Rule” requires your dealership to develop and implement a program to detect, prevent, and mitigate identity theft.
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…
Improving On Your Paper Contracting Workflow
When it comes to switching from paper contracts to eContracting or digital contracting, some dealerships have a hard time letting go of the workflows that they are used to. Even when they realize that…
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…
4 Reasons Your Dealership Should Be Digital Contracting
We all know that digital contracting is the wave of the future and that its big-picture benefits include speeding up funding, increasing accuracy and compliance, and virtually eliminating re-contracting. But how about the everyday…
How eContracting Reduces Data Re-Entry
You’ve probably heard that going digital with your contract process helps increase accuracy and improve efficiency. So, how exactly does it do that? The key is integration between dealership systems. Technology + connection Research…
Stranger Danger: Why Identity Verification is Important for Compliance
In 2022 alone, the Federal Trade Commission received more than 1.1 million reports of identity theft and more than 2.3 million reports of fraud. Legislators and consumer protection agencies are well aware of the…
Three Reasons Technology is the Competitive Advantage
The Genie is Out of the Bottle (And There’s No Going Back) In a recent panel with CBT News, leaders from Cox Automotive shared their outlook on the automotive industry for 2021. New technologies…
