Cox Automotive recently announced the availability of its annual Dealertrack Compliance Guide for 2024.

Now in its 19th edition, the Dealertrack Compliance Guide is a trusted resource that provides dealers with the latest compliance insights and best practices to help them navigate the complexity of auto regulatory expectations and consumer protection laws, the company said in a press release.  

The Dealertrack Compliance Guide is an essential asset for dealerships to understand their legal compliance obligations. As the auto industry steadily heads into 2024 with stabilized inventory and as consumer interest in car buying remains hearty, dealers will want to consider their own compliance action plan and pay attention to new shifts in the regulatory landscape, including: 

• The finalized CARS (Combatting Auto Retail Scams) Rule, first scheduled for July 30, 2024, is now pending judicial review. 
• New data privacy and security laws were enacted by California, Colorado, Connecticut, Delaware, Florida, Indiana, Iowa, Montana, Oregon, Tennessee, Texas, Utah, and Virginia. Several other states are staged to follow their lead and enact similar laws. 
• Updates on data security and identity theft regulations, synthetic ID fraud, and the FTC Safeguards Rule. 
• A new data breach disclosure requirement for non-banking financial institutions, effective May 13, 2024. 
• New York Department of Financial Services’ Cybersecurity Rule, with a compliance date of April 29, 2024 
• New federal quiet hours for telemarketing and increasing regulations of text messages. 

“Compliance is critical when working in finance,” stated Kait Gavin, vice president of operations, F&I and titling solutions at Cox Automotive. “A strong compliance management program can enhance consumer trust, improve internal processes, and could provide a competitive advantage. Car buying should be as safe and transparent for the consumer as possible, but we also understand dealers’ concerns about over-complicating a process they are constantly being asked to simplify and speed up. Complementary to our solutions that modernize the retail process, the Dealertrack 2024 Compliance Guide helps minimize complexity and provides important considerations for dealers to establish their own compliance action plan that will help them stay competitive and ultimately help their bottom line.” 

Dealers can download the complimentary guide at https://us.dealertrack.com/content/compliance-guide/en.html.