I believe you will hear more and more about compliance monitoring in the years to come. I believe the FTC enforcement of dealers will focus on these four (4) items:
• Consumer complaints • Deceptive advertising • Gramm Leach Bliley Act regulations which were supposed to be completed by June 9, 2023 • Used vehicle/demonstrator Buyer’s Guides
1.
Set up a system, software, or filing cabinet (but preferably software) where you have “one source of truth” for all of your policies and procedures.
2.
Either utilize employees or an outside company to set up, monitor, and document the enforcement of your policies and procedures. Without review and auditing, you do not know who is actually performing the tasks that you have asked employees to complete.
3.
Continually assess and document your compliance activities.
Tom Kline Better Vantage Point
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The Next Frontier of RV Dealership Management
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