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Sales & Finance Compliance

What is an ITPP Program and Why Do You Need One?

June 30, 2015 by Jim Radogna

In a recent news story , an agent from the National Crime Insurance Bureau (NCIB) described how he could list dozens of cases off the top of his head in which identity thieves were able to walk into dealerships with fake identification and walk out with a car. In his words “...

Posted in: Sales & Finance Compliance Tags: compliance training, F&I compliance, FTC, ITTP, NCIB, red flag rule, training records Read More

F&I Offices Under Attack

June 18, 2015 by Jim Radogna

As if the government’s scrutiny of auto dealer rate markups isn’t enough, it’s clear that regulators are beginning to focus on F&I product sales in a big way. The NY Attorney General’s office is investigating over a dozen dealers and has settled with one for almost $14 millio...

Posted in: Sales & Finance Compliance Tags: compliance audits, F&I disclosure, F+I training, sales and finance compliance, sales and finance consulting Read More

How Can You Avoid Liability When Your Employees Go Rogue?

June 10, 2015 by Jim Radogna

A recent news story highlighted how a dealership, where eight former managers and salesmen had been criminally charged for unfair and deceptive acts and practices, now faces a civil lawsuit from customers who claim the dealership was involved in a criminal enterprise during...

Posted in: Sales & Finance Compliance Tags: employee training, employee training records, policy procedures, rogue employees Read More

Legal Compliance - Who Taught You the Rules?

May 05, 2015 by Jim Radogna

When I was a green-pea salesman, I listened intently to anything and everything the closers and sales managers said. These guys were good! No matter what the customer said, they had an answer. I listened and learned. When I got my shot and became a closer, I carefully followe...

Posted in: Sales & Finance Compliance Tags: dealer integrity, employee rules, Legal sales practices, sales and finance compliance, Salesperson training Read More

Think Compliance Isn’t Your Problem? Think Again

April 21, 2015 by Jim Radogna

Recently, news broke about 5 dealership employees that were arrested and facing federal charges of conspiracy, bank fraud, wire fraud, and aggravated identity-theft. This brings the total to 7 employees at the same dealership who have been implicated so far this year. Not pre...

Posted in: Sales & Finance Compliance Tags: dealership compliance, Dealership F&I training, F&I Training, Federal privacy laws Read More

Learning to Play the Right Way

April 14, 2015 by Jim Radogna

Much of what employees learn in the car business is from watching and listening to their co-workers.  This kind of education can be irreplaceable in areas such as sales presentation, demonstration, and closing techniques. Of course, it can also lead to employees adopting bad ...

Posted in: Sales & Finance Compliance Tags: car, compliance, dealer, employee, sales, training Read More

When Little Complaints Become Big Problems

April 12, 2015 by Jim Radogna

The majority of disgruntled customers who threaten to call an attorney never do. For the few that do, the results can be devastating. While it’s true that many customers’ complaints have little or no merit, there can be a real danger if the wrong plaintiff’s attorney gets inv...

Posted in: Sales & Finance Compliance Tags: F+I Compliance, lawsuit prevention, prevent class action suits, reduce customer complaints Read More

Your Customer’s Perception Is Reality

April 07, 2015 by Jim Radogna

It’s tough out there. Customer access to information on the internet continues to shrink margins. Dealerships are just trying to scrape by in a highly competitive marketplace. You have to do whatever it takes to stay ahead of the competition. Some may view compliance as not ...

Posted in: Sales & Finance Compliance Tags: customer perceptions, Customer satisfaction, perception vs reality, sales compliance Read More

Is Your Information Safeguards Plan Keeping Up With Technology?

April 03, 2015 by Jim Radogna

Every day dealerships collect personal information from consumers, including names, addresses, credit history, phone numbers, bank numbers, and Social Security information. The federal Safeguards Rule , enacted in 2003 and enforced by the Federal Trade Commission, requires d...

Posted in: Sales & Finance Compliance Tags: Customer Information Protection Rule, Safeguards Rule, Update your F&I procedures Read More

Overlooking Red Flags is Risky Business

March 31, 2015 by Jim Radogna

The compliance requirements of the new federal regulations went into effect in 2011 have added to the never-ending standards dealerships must contend with. Fortunately, most dealers have found that the Risk Based Pricing Notice and updated Privacy Notice requirements are easy...

Posted in: Sales & Finance Compliance Tags: Customer information protection, Dealership training, red flag compliance, sales and finance compliance Read More