Pub. 18 2019-2020 Issue 2

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 13 new jersey auto retailer W W W . N J C A R . O R G significantly increases the prospective buyer’s level of confidence and trust in the salesperson, which can optimize the gross income generated by the transaction. In financial services, it’s the F&I practitioner’s ability to offer a lay- man’s language explanation of the covenants on the back of install- ment sale and lease agreements that builds customer confidence and trust. When selling voluntary protection products, a mastery of the terms, conditions and restrictions governing the menu offerings can be used to overcome customer objections or to affirm that the product or service in question will meet the customer’s needs – all of which helps close the sale. Knowledge of the rules, coupled with a commitment to abide by them, is an essential strategy shared by the majority of successful dealer groups and dealerships. Compliance pays for itself many times over. And it’s not complicated. It’s the daily practice of safeguarding non- public personal information, not discriminating against or discourag- ing customers when arranging credit, avoiding disparate pricing when posting the financial obligation origination expense and satisfying disclosure requirements. And that’s just the beginning... But it’s all worth it, because compliance keeps regulators out of your store – and your bottom line intact. Linda leads the Association of Dealership Compliance Officers (ADCO) and has 20+ years of experience with policy development. She can be reached at 682.325.4381 or linda.robertson@adcocommunity.com The adage doesn’t just apply to knowledge of the rules, whether federal and state regulations or dealership policy. It extends to having a working knowledge of the specifications and performance standards of the vehicles offered for sale. And the established standards for properly populating a credit application.