Dealertrack Releases New Compliance Guide
Jan. 11, 2018—Dealertrack, a provider of dealership technologies, has unveiled its 2018 Compliance Guide, which outlines changes and updates in compliance that are likely to affect dealers over the next year.
This year’s guide largely focuses on the Consumer Financial Protection Bureau’s examination of automotive transactions under the Larger Participant Rule; it’s anticipated that the CFPB will also be seeking to enforce compliance with federal consumer protection laws in auto financing.
Additionally, it’s expected that the Federal Trade Commision will continue to examine claims of so-called “yo-yo” financing, and possibly initiate claims related to lack of disclosure of relevant safety recalls for vehicles at dealerships.
The guide also touches on the best practices in F&I compliance.
“Dealers understand that compliance can be critical to their bottom line, but many do not know how to balance staying current in today’s ever-changing regulatory environment with the day-to-day needs,” said Jay Seirmarco, assistant general counsel at Cox Automotive. “Dealertrack has offered the Compliance Guide, free of charge, because we know how valuable such a resource can be for dealers seeking to improve their dealership’s operational efficiency.”