Non-Compliance: A Risk Not Worth Taking
You’ve taken risks at auction. You’ve probably taken some risks in price or F&I negotiations. But one place you never want to take a risk is with your dealership’s compliance.
You got in the business to sell cars, but things like making sure you’re in compliance can seem foreign to someone who’s an expert at buying and selling used vehicles. That’s why it’s important – for countess reasons – to leave compliance to the experts. Here are just a few of those reasons.
Cost Of Fines. It’s difficult enough to make a profit these days, so the last thing you need is a hefty fine putting unnecessary pressure on your bottom line. With fines in the news of four, five, six or even seven figures, very few dealerships can survive such a financial blow. Managing your own compliance can save a few bucks, but the cost of proper training and support pales in comparison to that of a crippling fine.
You’re Not A Lawyer. Your skill set is buying and selling cars. It’s time to leave the legalese to the experts. Most importantly, it’s because devastating fines don’t only fall onto those who knowingly break the law. Oftentimes, fines are leveed against companies that didn’t even know they were in violation of one of the dozens of federal regulations to which dealers must abide. By getting compliance expertise in your dealership, you’re minimizing, if not eliminating, the risk of getting fined for activities you didn’t even know were non-compliant.
More Time On The Lot. Let’s face it. Every second you spend focused on maintaining compliance is a second you’re not spending selling cars. Your skills, your time and your experience are better spent on getting customers in the right car that fits their needs. Having a compliance expert by your side will help keep you focused on what you’ve done best and what has made your dealership successful thus far – selling cars.