Finance & Insurance
A Compliance Management System is the method by which an automotive retailer manages the entire consumer compliance process. It includes the Compliance Program and the Compliance Audit Function.
The Compliance Program consists of the policies and procedures which guide employees' adherence to laws, regulations and potential litigation defense.
The Compliance Audit Function is an independent testing of the retailer’s transactions and processes to determine its level of compliance with consumer protection laws, as well as the effectiveness of, and adherence with, policies.
The process to develop and implement a Compliance Management System are consistent with the requirements outlined by the Federal Trade Commission (FTC) in its guidance with the Safeguards Rule and the Red Flags Rule. These components are:
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It's not all about the products. Learn to sell them, master the presentation, and stay compliant! We always put the Dealer First!
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