Dealers are faced with an assortment of issues today when it comes to the red-tape of compliance.
From the Consumer Financial Protection Bureau to the Department of Justice and state attorneys general, they are all keeping a close watch on dealer business practices. But some issues, more than others, are worrying both independent and franchise dealers — such as class-action lawsuits against dealers who may not have been at fault or not having available tools to help manage compliance issues.
The unknown legal expense for non-compliant dealers that American Financial & Automotive Services Inc. does business with “keeps me up at night,” President Arden Heltand told attendees during a panel discussion at the 2017 F&I Industry Summit yesterday. Being associated with a non-compliant dealer will cause the CFPB to scrutinize the entire industry, he added.