Lake Success, N.Y. ─ To help dealers more effectively demonstrate their compliance with state and federal regulations, DealerTrack has included a unique program – Audit Protect - into its industry-leading sales and F&I compliance solution.
The program, which delivers a combination of online system functionality and offline call support, is available exclusively to DealerTrack Compliance subscribers at no extra charge.
With Audit Protect, a DealerTrack user can generate real-time electronic audit reports, which may be necessary should a dealership be audited or sued. The reports include historical compliance-related sales and F&I activity transacted on dealertrack.com for as long as the dealership has been subscribed to DealerTrack Compliance. Through an easy-to-use and intuitive interface, dealers can also access, within seconds, specific documents within their DealerTrack electronic deal jackets that they may need to prove compliance.
Dealers can also take advantage of one-on-one call support from the DealerTrack Compliance Services Team. If a dealership is audited or they simply need documentation for tracking purposes, a DealerTrack Compliance specialist can assist them with their reporting needs.
The DealerTrack Compliance solution, which is the most comprehensive suite of compliance tools available in the automotive retail market, helps protect a dealership throughout the sales and F&I process, including credit reports, credit application submissions, menu presentations, and document storage and retrieval, as well as compliance with the Red Flags Rule, the Risk-Based Pricing Rule and Dodd-Frank requirements.
“2012 will be a year of compliance enforcement in the automotive retail industry, and dealers need to be prepared for audits. We’ve already seen increased dealership enforcement activity this year,” says Randy Henrick, associate general counsel at DealerTrack, and expert on automotive retail compliance. “Government agencies, such as the Federal Trade Commission, Department of Justice, Consumer Financial Protection Bureau and State Attorney Generals, are taking a hard look at auto dealer financing practices across the board this year.”
Henrick will be hosting a free compliance webinar, Compliance Best Practices: 2012 – The Year of Enforcement, on April 19th, to discuss potential enforcement associated with Red Flags and other regulations. To register for the webinar, visit www1.gotomeeting.com/register/413091640