3 Big Steps to a Fully Compliant Dealership

Is your dealership following strict compliance? Many dealerships might think they have nothing to worry about complying with federal and state consumer protection laws, but with the new Consumer Financial Protection Bureau, full compliance is more important than ever.

There are three steps that you can take to review your dealership and catch any potential problems or missteps before they become a bigger problem. First, review your employee training procedures. If this information is not written down and streamlined, take the time to do so now. It will make training easier and clearer in the future, and you will also ensure that nothing important gets missed.

Second, go through your dealership’s written policies and procedures with a fine tooth comb, and ask a compliance lawyer to also take a look over it. Also, be sure to have a copy of the most recent relevant consumer laws on hand. You can find the most recent regulations enforced by the Consumer Financial Protection Bureau here. If there is anything that could be potentially problematic in any way with your current policies or procedures, make the change now in writing, and keep a new copy of your policies and procedures on file.

Third, review your new policies and procedures with all employees, especially anyone who thinks they already know what they are doing. Ignorance can keep a dealership non-compliant, but complacency is far worse for a dealership.

At Special Finance Group, we are constantly working to maintain full compliance with consumer financial regulations. We see compliance as a job that is never done in every part of our business from our first contact with a customer to handing over the keys to a new or used vehicle. Our hard work has led to hundreds of happy customers who have had a positive experience and driven off with a car.

Special Finance Group’s Complete Special Finance Solution can help your dealership too! Click here to learn more, and connect with Special Finance Group on Facebook, Twitter, and LinkedIn!

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