Pub. 18 2019-2020 Issue 1

N E W J E R S E Y C O A L I T I O N O F A U T O M O T I V E R E T A I L E R S 21 new jersey auto retailer W W W . N J C A R . O R G And, that’s not the only challenge. Dealerships must deal with employee turnover, maintaining consistent training and the chaotic environment of a typical dealership. This doesn’t even include the pressures employees feel for their personal financial obligations and pressures to be successful. Employees just want to sell cars and pay their bills and don’t always understand the nu- ance of the dealership’s compliance obligations. And let’s face it – a dealership’s busiest times are nights, weekends, holiday sales, last week of the month, and special sales events. These are also the most challenging times to maintain consistency with compli- ance processes. Mistakes are bound to happen. How Can Dealers Improve? Let’s start at the top and work our way through the checklist. First, if a dealership doesn’t have a CMS in place, address the absence right away. Dealers have an ongoing obligation to train, review, and react. Second, if a dealership doesn’t have a Compliance Officer, identify and name one. Once they are in place, empower them with the ability to protect the dealership and the dealership’s customers, and make sure the rest of the staff is aware of this commitment. It is critical that the Compliance Office have both re- sponsibility and authority to ensure compliance. Once those basic elements are in place, a dealership can focus on execution. If your dealership demonstrates consistent compliance, congrat- ulations. If your dealership is not consistent, it is critical that you renew efforts toward improved training. Dealers may also want to consider a technology-based solution. NJ CAR has partnered with DSGSS to help its dealer members cre- ate and sustain a culture of compliance by utilizing a digital compli- ance enforcement platform. Several dealers have already implement- ed the platform and are providing very positive feedback. Some of the benefits of implementing this simple and affordable Digital Compliance Platform technology include: • Eliminating paperwork and the associated liabilities from the showroom. • Eliminating inconsistent processes and potential rogue behavior. • Creating electronic versions of dead deal jackets, eliminating the need for and retention of paper files. • Improving audit results in a dramatic and tangible way. • Eliminating inconsistencies and variations in Credit Apps and other documents. • Eliminating the potential for customer information to appear on personal cell phones through a digital STIP that results in a reduction in CIT. • Improving ROI on training. • Reducing credit report expenses. The Digital Compliance Platform delivers a smooth transition from out-of-store initial engagement to in-store competition of the vehicle sale. The platform guarantees consistency and has helped over 450 dealers across the country. Compliance isn’t a department in the dealership but it needs to be a culture! And this culture can be created and sustained with the combination of people, processes, and technology. For more information please contact Gail Caputi at 609.883.5056, x348 or via email at gcaputi@njcar.org. Doug Fusco is CEO of DealerSafeguardSolutions. He can be reached at 972.740.8638 or via email at doug@dsgss.com . Use the red key. ® Our end-to-end financing solutions help dealerships grow and customers buy. All credit products are subject to credit approval. Key.com is a federally registered service mark of KeyCorp. ©2017 KeyCorp. KeyBank is Member FDIC. 170912-290440 As a full-service dealer finance company, we understand the challenges you face. Whether for retail or commercial operations, we deliver comprehensive solutions that drive your business forward. Visit key.com/dealer or contact David Stevenson, Commercial Services, at 610-212-4276 or Brian Meierhofer, Retail Services, at 973-222-9474. We have the road map. Arent Fox’s Automotive Group drives innovative strategies forward. Our cutting-edge, national practice advises automotive leaders as the industry faces a dizzying array of competitive and regulatory hurdles. Smart In Your World arentfox.com