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.
Do you know the different types of training and development that different F&I providers in the space provide? And do you know which one your dealer needs to succeed? Find out why we recommend you working with a development company that has your best interests in mind.
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We all know that customer experience is important but how do we continue to improve this and gurantee each customer is a repeat one? Some dealers knows that the customer is in control and they must meet them where they are in the buying process and handle the deal how they want it to be handled to ensure success. Rob Volatile has some tips and tricks to ensure your dealership operations are set up for success.
Compliance is one of the most important things to be concerned about in your dealership, especially when change is on the horizon. With the new “Motor Vehicle Dealers Trade Regulation Rule” being proposed by the FTC, there are many things to start educating yourself on. We have established a few suggestions to better prepare your dealership for change in compliance.
In recent years dealers have made significant progress toward improving the customer experience. Consumer satisfaction scores indicate that buying a car today is easier and more enjoyable than 10 to 15 years ago. However, there is still room for improvement. And in some cases, the best way to enhance the customer experience is to improve the employee experience.
Before you work the wrong deal, take the time to listen. By asking these five questions, you can become the best advocate for your customers and sell more cars.