So, here, automotive dealership compliance comes in to force. It consists of all laws and regulations in your dealership area. It incorporates laws of selling, buying, financing, and insuring. It’s also wide due to the inclusion of customer communication. So, it’s very crucial for all automotive dealerships to be and remain in compliance
Business reputation becomes crucial if you encounter any growth. Without it, a commercial organization will completely paralyze. So, could you afford any reputation risks of advertising, sales, or F-I compliance violation?
The answer to the above questions is an absolute NO.
So, protecting yourself from dealership compliance issues is a big deal. The penalties are prejudicial to a career if not addressed carefully. These can be possible through robust awareness, training, and prevention. It’s imperative to strategize your dealership as there are so many regulations to adhere to.
That’s why there are different compliance services available online nowadays. These are advertising, data security, mitigation of data breach risks, digital retailing, red flags, FTC & CFPB compliance. Above all, the consumer notice has a pivotal role in the entire journey of compliance procedure.
AdvertisingThe Federal Trade Commission (FTC) has bought over 40 dealer advertising enforcement actions since 2012. So, reviewing your advertising for compliance with FTC guidelines and regulations is essential. Thus, an expert needs to review your advertising properly - especially if you have already entered an FTC consent mandate.
Mitigation of Data Breach RisksThe security compromise of your customer data is the biggest financial risk. As a dealer, you need to ensure all the data security loopholes are to be fixed in time. It has been seen that 60% of small to mid-size businesses went out of business within 6 months after a data breach. In this scenario, it’s recommended to seek advice from a specialist to
curb the menace of data threats.
Customer CommunicationIf your dealership is complying with various automotive regulations – then it’s fine. However, it’s important to send customers risk-based pricing and adverse action notices. A specialist can guide you on when and how to send risk-based pricing and privacy notice. They can review this issue and help you become compliant. Here, you can use digital marketing notices and campaigns. So, don’t be laggard in this race.
FTC and CFPB ComplianceThe FTC has become violently active in bringing enforcement actions against dealers. It adopts CFPB’s rules and regulations approach in