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Compliance

Product Provider Compliance Checklist

Contributing Author: Steve Roennau Vice President Compliance EFG Companies
Contributing Author:
Steve Roennau
Vice President
Compliance
EFG Companies

Did you know that automotive dealerships must comply with roughly 60 retail automotive regulations in addition to the regulations for employers, small businesses, advertisers, general retailers, and finance organizations?

These rules touch a broad range of issues, including environmental, tax and finance rules, and a host of other consumer protections. It’s no wonder that compliance seems overwhelming.

The good news is that there are services available to help dealerships tackle compliance by taking a very methodical, common sense approach.

You’ve probably seen agents and product providers step-up their service model to include more services around compliance. This is actually an objective and cost-effective way in which to tackle improving compliance in your dealership.

Ask yourself:

  • Beyond in-store engagement, what compliance services do they provide?
  • Does my product provider see compliance as important enough to include a head of compliance on their corporate leadership team?
  • What compliance certifications does my product provider have?
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Uncategorized

EFG Companies Names Steve Roennau as Vice President of Compliance

Steve Roennau Headshot WebPosition increases focus on boosting dealership profitability through compliance

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today the appointment of Steve Roennau as Vice President of Compliance, reflecting the company’s ongoing mission of driving operational compliance for its retail dealership clients.

Roennau brings a 30-year history of driving bottom-line results in automotive F&I, sales and product management, giving him strategic insight into the compliance hurdles facing both dealers and lenders. His experience includes compliance consulting and training/operational development for Chrysler’s Five Star initiative, Chrysler Capital, Santander Consumer USA, Hyundai, General Motors, Ford, Mitsubishi, Volkswagen, and numerous dealer groups throughout the country. He is an AFIP Senior Certified Professional in Financial Services, and has conducted numerous training courses.

“Today’s dealers are facing a much greater level of compliance oversight, affecting everything from finance margins to advertising practices,” said John Pappanastos, President and CEO of EFG Companies. “Dealers need forward thinking partners who can successfully navigate the myriad of changes on local, state and federal levels. With Steve leading our compliance initiative, we are in a strong position to stay ahead of upcoming changes and proactively prepare our clients. In 2014, EFG’s dealer clients rated compliance as one of EFG’s top three areas of performance. In 2016, we expect Roennau to raise the bar for our clients and the industry.”

“At EFG, we are committed to facilitating the highest levels of operational compliance for our dealer partners,” said Roennau. “Our very progressive work will provide our clients with a sophisticated analysis of their current compliance procedures, and prepare them for upcoming changes that will enhance customer service, compliance alignment and increased profitability.”

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Featured

EFG Client Davis-Moore Automotive Receives Dealer of the Year Award

Dealer of the Year PhotoF&I and Showroom Magazine recognizes Davis-Moore for the auto group’s commitment to compliance in driving F&I profit

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, is proud to recognize Davis-Moore Automotive for receiving the F&I and Showroom Magazine’s Dealer of the Year and Pacesetter Awards. The annual F&I Dealer of the Year award is given to a dealership or dealer group with a highly profitable F&I department that demonstrates a commitment to regulatory compliance.

Founded in 1955, Davis-Moore is a six-rooftop dealership in Kansas, with five stores in Wichita and the Clint Bowyer Autoplex in Emporia. Earlier this year, Davis-Moore won the Better Business Bureau Integrity Award, as well as a variety of Reader’s Choice awards from Wichita’s local newspaper, The Wichita Eagle.

“We are so proud to count Davis-Moore as part of our family of clients,” said John Stephens, Senior Vice President, Dealer Services, EFG Companies. “Davis-Moore has always been a dealer group with high integrity and an eye toward the future. Their recognition of the importance of compliance and serving the customer’s best interest has helped Davis-Moore raise the bar in this new era of F&I profitability.”