The success of your dealership depends on how effectively you can Save More, Sell More, and Keep More of what you make. Here are five strategic solutions that address your dealership's top challenges and will help you drive toward a more profitable future....
Compliance Cowboys who treat your dealership like the Wild West can end up costing you. In fact, the FTC can impose penalties of up to $100,000 for every violation of its Safeguards Rule....
The FTC’s June 9th Safeguards Rule deadline is looming. Whether you’ve been procrastinating or already have a process in place to provide physical, administrative, and technical protection of consumer data, here’s a compliance checklist to ensure you’re prepared:...
A soft pull credit report is a powerful and low-cost tool that accelerates the salesprocess. It provides valuable insight for both the dealer and the consumer into thecustomer's financial standing and purchasing ability without affecting the consumer'scredit score....
One underutilized tool is the soft credit pull, which goes beyond just providing a credit score. Here are 5 secrets of the soft pull that can help dealers sell more cars....
Auto dealers are competitive by nature. That "beat the dealership down the street" mentality means looking at every angle to gain an advantage – including soft pulls....
Buy/sells are exciting, intense, and hopefully rewarding for all parties when completed. They come with ups and downs, surprises, and different opinions. ...
Businesses must leverage every available advantage to increase sales and maintain profitability. One such advantage is the use of soft pulls, which quickly pre-qualifies customers without negatively impacting their credit score....
With the June 9th deadline to comply with the Federal Trade Commission’s (FTC) Safeguards Rule, it’s important that auto, marine, RV, and powersports dealerships as well as financial services industries are ready. The Safeguards Rule requires these businesses to implement measures to keep customer information secure, and the fines for violation can be steep. What is the FTC Safeguards Rule? The FTC Safeguards Rule is a federal regulation from 2003 that requires all financial institutions in the US to develop policies and procedures for protecting customer information. This includes any personal data such as credit card numbers, social security numbers, or bank account information. Financial institutions must also have measures in place for detecting and responding to unauthorized access or misuse of this data. Why Does It Apply to Dealers? Auto, marine, RV, and powersports dealers were added to the list of financial institutions subject to this rule back in July 2013 when they were included in the definition of “creditors” under the FairCredit Reporting Act (FCRA). While dealerships were initially given a grace period to comply with these rules, that grace period is coming to an end June 9, 2023. This means dealerships must have the necessary security measures in place by then, or they risk facing significant financial penalties and damage to their reputation. Violations can result in monetary penalties for each incident plus attorney fees and other costs associated with defending an enforcement action by regulators. What Needs to Be Done Before June 9th? To comply with these regulations, dealerships should ensure they can fulfill three specific obligations: Administrative — Ensure the security and confidentiality of consumer information. Physical — Prevent unauthorized access to consumer information that could result in harm or inconvenience to any consumer. Technical — Protect against anticipated threats or hazards to the security or integrity of that information. It is essential that dealerships comply with the FTC Safeguards Rule before June 9th in order avoid hefty fines and lawsuits due violations. Taking proactive steps now can...
What may have started as a way to read a restaurant menu has now resulted in a fast way for consumers to get and give information, have a mobile experience and even complete a financial transaction. In fact, 93% of consumers say since Covid, they’ve used a QR code to complete a financial transaction for the first time ever....