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Many dealers right now are struggling with newly expanded FTC Safeguards Rules. Something as simple as taking a photo of a customer’s driver’s license when that potential buyer is in a hurry to take a test drive can result in big fines. Beyond that, there are many other pitfalls from lead to sale. The newly expanded FTC Safeguards rule takes effect June 9, 2023, and requires administrative, physical, and technical compliance to ensure the security and confidentiality of consumer information, prevent unauthorized access to consumer information, and to protect against any threats or hazards to the security or integrity of that information. Whether you’re the owner, General Manager, Dealer Principal, F&I Manager, or General Sales Manager, the new guidelines impact you.
These compliance requirements can have a huge impact on your dealership if you’re not prepared and will result in devastating fines. Most dealers struggle with what the sales team collects, creates, and controls, which is why they need a platform to enforce compliance across the four “Ps”: people, policies, paperwork, and process. Here are five of the top violations that involve those four Ps and that are putting your dealership at risk and how leading dealers avoid them.
CATA’s newest allied member, Informativ, brings together leading companies CreditDriver, Credit Bureau Connection (CBC), and Dealer Safeguard Solutions (DSGSS) and their long history of dealership marketing, fraud protection, dealer compliance, and credit reports. Informativ can provide the expertise and guidance necessary to successfully navigate the upcoming FTC Safeguards Rule. For more information contact, Christina Wofford.
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