The intricate details and legal pitfalls surrounding a dealership’s financial processes, practices, regulatory standards, and paperwork are intimidating. And most dealers we know would rather make the quest with Frodo Baggins to Mordor than delve into auditing their own business office and finance department.
And who can blame them? Here’s just a few of the laws that govern how dealerships handle their finances.
- Gramm-Leach-Bliley Privacy Rule
- Gramm-Leach-Bliley Safeguards Rule
- Disposal Rule
- Used Car Rule
- Red Flags Rule
- Regulation Z or “Truth in Lending Act”
- Equal Credit Opportunity Act
- Magnuson-Moss Warranty Act
Violating any of these could result in stiff penalties, forced shut down, and loss of profits, not to mention time in court. Ignorance is not going to be an excuse. But you’d practically have to become an expert in order avoid violating just one. You run a dealership. Who has time for that?
What We Do
The auditors from Dealers Resource Center Business Solutions are the experts you need. Our auditors will check your record keeping and head violations off at the pass before they become a problem.
Dealers Resource Center Business Solutions provides you with that extra layer of professional oversight to catch a minor problem before it becomes a colossal headache. We have the personnel needed to audit your business office and finance department to make sure you are compliant with all current federal and state regulations, plus your own company policies.
How We Do It
Our auditors come in at regular agreed upon times and check your record keeping. We look through all things pertaining to the intake of money, financing of vehicles, how you interact with financial institutions, how you pay bills, and how you record it all. We confirm that you are abiding by state and federal laws. We hold classes as needed to educate your F&I and business departments and keep them up to date on changes to laws.
With our eagle-eyed auditors on the job, you can relax and know that you are protected from potential lawsuits and violations.
And that’s not all! Scroll down to learn how we keep you on track!
Learn more about Business Solutions
WE KEEP YOU ON YOUR GAME!
Compliance isn’t a One-and-Done. Once we’ve addressed any problems discovered through our audit, we take steps to keep your dealership compliance in good-standing with regular team training led by our experts. Never worry again about missing an update, or bringing a new-hire up to speed with the laws and regulations governing your dealership. We stand ready to support you for the long-haul.