Avoid Compliance Overload

The Federal Trade Commission is using its enhanced powers and funding from the Dodd-Frank financial reform law to take enforcement actions against individual dealers. The intent is to scare other dealers into operating as the agency prescribes. Emboldened state attorneys general have stepped up thei...

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Bibliographic Details
Published inWARDSAUTO Dealer Business Vol. 47; no. 6; p. 34
Main Author CHARAPP, MICHAEL
Format Trade Publication Article
LanguageEnglish
Published Overland Park Informa 01.06.2013
Subjects
Automobile dealers
Compliance
Employees
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Summary:The Federal Trade Commission is using its enhanced powers and funding from the Dodd-Frank financial reform law to take enforcement actions against individual dealers. The intent is to scare other dealers into operating as the agency prescribes. Emboldened state attorneys general have stepped up their efforts, and consumer attorneys don't appear to be reducing their work load. Create a culture of compliance. It starts at the top. Compliance is important to employees if you make it important. Establish a clear policy of full legal compliance. Employees sometimes believe they must choose between compliance and profit. But losses from compliance failures reduce profit. Compliance enhances profit. Emphasize that. What is the lesson to learn? Satisfy customers to the best of your ability. If the dealership gets a complaint, it should be logged in and properly routed to a responsible manager for handling. It should be tracked and satisfactorily closed. An attorney's demand letter should get high priority. Early money paid to solve a problem is generally the cheapest money you will spend.
ISSN:2373-1974