Compliance begins the second your customers step on the lot. Because of this, it’s vital for every dealership to ensure that their processes are compliant, and they provide the necessary compliance training to support their team. The penalty for being non-compliant is the same—fines, fines, fines, and maybe worse. So, whether they’re out on the lot, on a test drive, in the showroom, or in the F&I office, each member of the team needs to be accountable for engaging in compliant business practice.
Dealers want to follow the rules, but it’s understandably difficult when there are so many rules to follow. From discrimination and sexual harassment to the Red Flags Rule and the Safeguards Rule, there’s an abundance of federal and state regulations that require attention, management and, most importantly, training to keep dealers off the hook.
One of the areas where many dealers fail to comply is regarding payment packing—which is adding extra fees to a monthly payment without divulging what they are to the buyer. When this happens, it’s usually the result of price negotiation on the showroom floor. Properly training salespeople is an easy way to make sure they’re following all regulations and are clear on how to talk about price to their buyers.
Payment packing is just one of many compliance pitfalls dealers can fall into. Prepared dealerships recognize the myriad of challenges that maintaining compliance brings—and they acknowledge that they may need help. That’s why EasyCare has partnered with Mosaic Compliance Services—a company created by automotive attorneys to create web-based legal compliance and training tools specifically designed for dealerships.
Ultimately, establishing a culture of compliance, data security, transparency, and honesty with customers is critical to protecting your dealership. With EasyCare’s online compliance training, powered by Mosaic, you’re able to certifiably train and track performance for individuals, which can prove invaluable if you’re audited.
Remember, compliance is a dealership-wide initiative that requires participation and training for every team member. An investment in compliance training will always deliver the best return, protecting you from unnecessary penalties and fines.
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It’s no secret that dealership turnover is higher than in other industries, and the cost of losing an employee in the first year can be up to three times their salary in lost revenue; not to mention recruiting costs and more.
Proper training is no longer a nice-to-have, and with the right skills and knowledge your team can make a more meaningful impact on your customers and your bottom line.
Compliance begins the second your customers step on the lot. Because of this, it’s vital for every dealership to ensure that their processes are compliant, and they provide the necessary compliance training to support their team.
