The Current Climate for Regulatory Compliance

The retail automotive market has found itself in an interesting situation. On one hand, retail sales are rebounding nicely, with strong price pressure coupled with continued low interest rates. On the other hand, all signs are pointing to an increased environment for regulatory scrutiny from an  hyper-focused Consumer Finance Protection Bureau (CFPB), Federal Trade Commission (FTC), and various local officials.

New leadership within the CFPB has signaled through their rulemaking agenda that automotive lending practices will garner increased scrutiny. New legislative bodies within state and local governments in many areas have followed suit to respond to discriminatory lending practices and perceived predatory consumer behavior.

Couple this renewed regulatory interest and sales environment, with a host of new fraud and cybersecurity schemes that can trip up any company, no matter how big, and the situation gets even more convoluted.


EFG Companies Scores a Clean Sweep with Four Stevie® Awards

Stevies LogoOngoing National Recognition of EFG’s Standard of Excellence

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today that the company was recognized in all four categories submitted at the 12th Annual Stevie® Awards for Sales and Customer Service, a feature of the American Business AwardsSM, the USA’s top business awards program. This marks the fourth year running that EFG has brought home Stevie Awards. This year, the company received the following:

  • A Silver Award for Call Center of the Year (up to 100 seats)
  • A Silver Award for Innovation in Customer Service
  • A Silver Award for Sales Management Team of the Year
  • A Bronze Award for Sales or Customer Service Solutions Technology Partner of the Year

For more information on EFG’s accomplishments and the history behind the Stevie Awards, visit


F&I Compliance Training

Contributing Author: David Robertson, Executive Director, Association of Finance & Insurance Professionals
Contributing Author:
David Robertson, Executive Director, Association of Finance & Insurance Professionals

One Size Doesn’t Fit All

Watch a couple of TV programs and you’ll likely catch at least one commercial for an online college degree. The boom in online training is true for our industry, as well. Given the emphasis on formal dealership CMSs, the ranks of online training providers are growing.

E-training can be a cost-effective and convenient instructional tool. However, it’s not a one-size-fits-all proposition.

Online training with self-testing – as a standalone method – appears to be conducive to human resources, occupational safety and administrative procedures. Areas where the focus is directed inward – the implementation of task-specific directives by individual employees.

F&I activities, on the other hand, are directed outward. In addition to the practitioners themselves, other people are key components of the compliance equation. Chief among them are hundreds of prospective customers, as well as funding source paper-buyers, aftermarket product service reps – and sales managers and vehicle sales personnel.