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....
Dealerships must follow regulations to maintain trust and avoid civil penalties. Key FTC compliance issues include inconsistent processes, mishandling data, poor consumer protection, improper document management, and insufficient record-keeping....
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. ...
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....
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....
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....
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....
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....