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. A safer, less expensive option is to simply leverage technology that turns those cowboys into Boy Scouts. Here’s how:
VERIFY IDS FROM THE START
That means leveraging technology in your lead generation efforts that gives car buyers the mobile experience they want and allows them to get prequalified with a soft pull credit report that doesn’t impact their credit score.
Dealership Benefit: Since the lead is from a mobile device, our tech taps into the cellphone carrier data to verify and validate the car buyer’s ID. So, you get less spam and more instant, verified and prequalified leads.
Did you know? Sales increase by 16% when car buying begins with a prequalification.
CHECK FOR ID FRAUD
Fake IDs are better than ever and easily fool the naked eye. Whether the buyer is in-person or remote, use technology that scans the driver’s license, detects 250+ unique ID formats and instantly tells you whether the ID is real or fake.
Dealership Benefit: Feel confident about your buyers, save millions of dollars in stolen vehicles and the hassle of police reports and insurance claims.
Did you know? In 12 months, Informativ’s fraud tech detected over 11,000 fraudulent IDs and prevented $659M in vehicle losses.
USE TECHNOLOGY TO ENFORCE COMPLIANCE
Training is temporary, and turnover is a fact of life. Using technology that establishes compliant behavior from the start and complements your current sales process ensures your team is consistently compliant.
Dealership Benefit: Our tech streamlines the process, eliminates paperwork and the back-and-forth to the desk because now all documents – IDs, stips, credit applications, etc. — are in our platform (and your CRM) where managers and F&I can review them in real-time.
Did you know? An alarming 67% of salespeople still receive licenses and stipulations from customers via email or text message. Each one of those is an FTC violation.
CONTROL ACCESS TO CONSUMER INFORMATION
Removing paperwork with Personal Identifiable Information (PII) from your showroom is the first step, restricting who has access is the next one. Our platform safeguards customer data with strict access controls, keeping private consumer information from unauthorized access.
Dealership Benefit: You can stop hoping you’re compliant and start knowing you are. Peace of mind isn’t overrated.
Did you know? Consumers care about how their information is handled. Let them know you’re protecting their personal information as if it were your own.
DITCH THE FILE BOXES
Most dealerships have no problem storing sold deals, but it’s the dead ones that put you at risk as the FTC requires dead deals be stored for five years. Our technology creates digital deal jackets for all deals and stores them securely in the cloud.
Dealership Benefit: Record-keeping is done automatically and digitally, so when someone asks you to prove they gave you consent to run their credit – or something else – – you can prove your compliance.
Did you know? Only 11% of dealers can retrieve every dead deal from the past five years, suggesting a potential gap in record-keeping and a major risk of FTC fines.
Contact us today to get a FREE compliance assessment to understand your risks and how our technology will help you sell more, make more, and keep more of what you work so hard to make.