Auto Finance News is pleased to present the “Closing the GAP: Best Practices in Aftermarket Product Compliance” webinar on March 14 at 1 p.m. ET. This free webinar features three industry insiders who will do a deep dive into regulatory attention on optional products, such as guaranteed asset protection (GAP) and maintenance packages.
Register for the free webinar here.
Regulators have kept a close eye on dealer and lender practices surrounding the sale and management of add-on products, with the FTC imposing stricter guidelines on selling tactics and pushing for more transparency.
Aftermarket products are crucial to dealership profitability, especially as vehicle margins shrink. Retailer profit per unit, including F&I income, is projected to fall 28.5% year over year in January, according to a Jan. 26 sales forecast from J.D. Power.
F&I revenue accounted for an average of 23.8% of publicly traded dealership profits in the third quarter, the largest revenue generator behind the parts and services business, according to an AFN analysis of Q3 retailer earnings releases.
Webinar attendees will gain insight into:
- State and federal requirements for selling aftermarket products;
- How to implement compliant refund and cancellation processes; and
- Best practices to avoid regulatory examinations and enforcement actions.
About the speakers:
Michael Benoit is a partner at law firm Hudson Cook who advises creditors and technology providers, along with banks, finance companies, auto dealers and leasing companies on consumer financial services law, according to his company biography. Benoit’s expertise spans consumer credit, privacy, telemarketing, leasing and collection practices.
Raymond Naples, associate general counsel and compliance officer at Veros Credit, provides legal guidance in areas including business line support and litigation, along with regulatory and governmental affairs, according to his company biography. He also is responsible for leading Veros Credit’s compliance department and oversees its compliance management system.
Nick Waddell, general manager at Cycle Springs Powersports, a division of Clearwater, Fla.-based Dimmitt Automotive Group, has more than 28 years of experience in automotive and powersports, spanning sales, finance management and leadership. Waddell most recently served as Dimmitt’s chief compliance officer and director of financial services for three years before taking on his current role in January.
