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Most dealers rely on one or more software providers to manage and document all their transactions and many businesses count on a robust disaster recovery plan in the event their IT infrastructure fails.
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Whether businesses interact in person or virtually, they must do so in a safe and secure manner to retain customer trust and comply with applicable law.
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Checking OFAC is not a recommendation – it is required by federal statute. Not taking it seriously could result in major consequences for the dealer.
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Keeping your vehicle inventory safe from thieves, vandals, and other criminals is critical, but not all security strategies are equally successful.
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The coronavirus appears to be driving the automotive industry to selling vehicles remotely, a radical departure from the traditional dealer model. By identifying the issues that dealers need to contemplate, we find some solutions to the new direction we’re heading.
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A dealership was recently discovered to have a prevalent policy and practice of inflating consumers’ incomes to obtain finance source approvals. Reading between the lines of the story, there are a variety of lessons to be learned.
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As rules and regulations evolve, so must your employee handbook. Here is the basis for updating your dealership’s handbook today.
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As COVID-19 has lead to more vehicles being financed and purchased online, the ability of the F&I department to sift out synthetic fraud will be increasingly valuable to them. F&I managers are encouraged to take another look at available technologies to identify synthetic fraud when practiced against their dealership.
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Kicking the trade is an old-school tactic employed by unscrupulous sales people, sales managers, and F&I managers. Being aggressive and going after every possible deal, while employing a deceptive practice to finalize the sale is simply not worth the risk.
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Do you know how to vet a paystub for legitimacy? These 10 tips can help you catch the phonies.
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