Top dealerships use QR codes for customer engagement, simplify pre-qualification lead conversion, automate FTC compliance to reduce fraud risks, and leverage service drive data for sales....
Auto dealers should know fraudsters' methods, establish consistent processes, leverage tech for ID validation, combat synthetic fraud, and optimize credit checks to enhance compliance and prevent fraud....
Automotive dealerships face credit report management, sales inefficiencies, and data security challenges. Innovative solutions like soft credit pulls, digital deal jackets, and advanced tech enhance efficiency, FTC compliance, and customer satisfaction....
Cut costs and improve processes at auto dealerships with these 6 tips: verify leads, optimize credit pulls, reduce buying friction, mitigate fraud, improve cash flow, enhance data efficiency....
Transform compliance from a cost center to a profit-driving asset by using Informativ’s solutions like Credit Driver and Dealer Safeguard Solutions. Streamline processes, enhance fraud detection, and ensure regulatory adherence....
Dealerships face increased fraud during holidays. Implement robust fraud prevention: validate licenses, use remote tools, check synthetic IDs, ensure OFAC compliance, monitor red flags, use out-of-wallet questions....
Dealerships are leveraging digital tools to enhance sales, finance, and compliance processes, improve customer experience, combat fraud, and empower sales teams for efficiency and transparency....
All You Need To Know About the FTC Safeguards RuleIn 2023, the federal government began enforcing 145 pages of new regulations and car dealership laws known as the FTC Safeguards Rule, which impacts auto dealers across administrative, physical, and technical areas, particularly emphasizing privacy protection and data safeguards. The technical requirements, encompassing terms like penetration testing and multi-factor authentication, pose significant challenges to compliance enforcement.To achieve compliance with FTC regulations, dealerships must address all three compliance categories: technical updates are crucial but generally a one-time setup after initial implementation, while administrative and physical compliance demand ongoing diligence. Here are five common compliance challenges observed nationwide: Consistency in Operations: Ensuring consistent adherence to compliance standards during all business hours, regardless of workload.Personal Device Usage: Preventing employees from using personal devices to store customer data, which violates privacy policies and can lead to substantial penalties.Remote Data Collection: Safeguarding customer information collected when they are not physically present, like through the text messaging of documents such as pay stubs and insurance cards.Paperwork Security: Securing physical documents containing private information that circulate within the showroom.Policy Enforcement: Enforcing compliance across all dealership operations to prevent errors like misplaced deal jackets or unauthorized credit pulls.Addressing these challenges effectively involves adopting technology-driven compliance software solutions that streamline compliance processes, such as electronic document management and identity verification tools. These innovations not only enhance security but also ensure operational efficiency, reducing risks associated with non-compliance.Implementing SolutionsImplementing digital platforms for identity verification, electronic document management, and synthetic fraud and ID fraud detection can significantly mitigate risks associated with compliance breaches. These tools enable dealerships to validate customer identities securely, verify documents for fraud, and manage paperwork electronically. By digitizing these processes, dealerships not only enhance security but also streamline operations, ensuring consistency in compliance adherence from busy Saturdays to quiet...