Staying on top of dealership federal and state regulations in a perpetually evolving legislative landscape can be difficult for dealerships. Ensuring your dealership is acting in accordance with current regulations takes steady and regular implementation and a near constant re-examination of current guidelines.* To help navigate the complexities of dealership regulations, Dealertrack recently published a dealer compliance guide that simply explains and highlights some areas where dealers often need to brush-up to ensure they are compliant.
Day-to-Day Compliance
Dealers use a variety of items to help consumers purchase a vehicle. This includes credit applications, credit reports, contracts and just typical dealership record-keeping. Each and every time a car is sold a dealer has to be cognizant of the different regulations that may apply to the different sections of a vehicle purchase.
Compliance Strategies
Regulations change, and it is often up to a dealer to ensure their business is compliant. One of the easiest ways to ensure dealership compliance is to implement useful tools and strategies. Dealertrack’s compliance guide offers a number of recommended strategies and practices.* Though these practices are not intended as legal analysis or legal advice, they may help dealers build their own compliance guidelines.
Compliance Implementation
A culture of dealership compliance is essential to protect your business. Are employees aware of compliance regulations? Is following correct procedure encouraged?
Implementing compliance guidelines and practices is essential. It can save a dealership time and money, and can help dealers avoid penalties, fines, consumer complaints and lawsuits. Interested in the Dealertrack compliance guide? Click here.
*This is not intended as a legal analysis, and we do not purport to provide any legal or regulatory advice. You should consult with your attorney for any legal, regulatory, or compliance questions you may have. Also note that any case descriptions provided are for illustrative purposes only. The compliance guide was created and is maintained by Dealertrack.