Industry’s Leading Resource on Current Trends and Best Practices in F&I Compliance Delivers Confidence in 13th Annual Edition
North Hills, NY – Dealertrack, the leading provider of integrated dealership technologies and a Cox Automotive brand, has released its 2018 Compliance Guide, which outlines the changes and updates in compliance that will affect dealers in 2018. Now in its 13th year, the Compliance Guide is a leading resource on current trends and best practices in F&I compliance.
“Dealers understand that compliance can be critical to their bottom line, but many do not know how to balance staying current in today’s ever-changing regulatory environment with the day-to-day needs of running and growing their business,” said Jay Seirmarco, Assistant General Counsel at Cox Automotive. “For the last 13 years, Dealertrack has offered the Compliance Guide, free of charge, because we know how valuable such a resource can be for dealers seeking to improve their dealership’s operational efficiency.”
With “Confidence in Every Deal” as this year’s theme, the guide focuses on the Consumer Financial Protection Bureau’s (CFPB) examination of automotive dealer transactions under the Larger Participant Rule. Furthermore, it is anticipated that the CFPB will also be seeking to enforce compliance with federal consumer credit protection laws in auto financing. Additionally, it is expected that the Federal Trade Commission (“FTC”) will continue to examine claims of so-called “yo-yo” financing and perhaps initiate claims related to lack of disclosure of applicable safety recalls for vehicles at dealerships.
The Compliance Guide is designed to highlight what is ahead for dealers in 2018 and provide tips for managing compliance with confidence, geared towards establishing a culture of compliance, enhancing data security and maintaining customer transparency. Given the emphasis that the CFPB and FTC appear to be placing on examining auto finance practices and, in the wake of widely publicized 2017 security breaches, creating a culture of compliance should remain a priority for dealers.