New regulations for car dealers can be a moving target – but one you can’t afford to miss. Fines and penalties for being non-compliant can be crippling to even the best businesses, which is why car dealers today need to stay on top of regulatory changes in the market.
Staying informed and addressing non-compliance issues head-on before the regulators come knocking is the only way to avoid the types of penalties that can bring your business to its knees.
Do Your Homework. The CFPB is constantly coming up with new ways to protect consumers in the auto space, but in doing so often adds unexpected hurdles for dealers to overcome. It’s impossible for you to delve into the letter of the law on every regulation given how busy you are running your business but having awareness of shifts in the regulatory environment will help you get ahead of potential problems.
Get Some Help. Your job is to sell cars, first and foremost. There are enough additional tasks that require time as well such as training, managing your people and more. So when it comes to compliance – an area of your business that can pose serious risks to you viability – it’s important to seek assistance from experts. At GWC Warranty, our Elite Dealers get access to compliance training at no charge, so they can stay on top of areas for potential concern in their dealerships.
Work With Your Team. Steps you take to avoid non-compliance will only be effective if your entire team understands the risks involved. Non-compliance comes with severe penalties that will undoubtedly impact all aspects of an independent dealership. If your team understands the gravity of these scenarios, they’ll be sure to carry out all the activities you need them to in order to remain compliant and avoid costly penalties.