Compliance is becoming a bellwether topic. Don’t believe me? Consider these three specific points. The Department of Defense released new guidelines in August regarding the Military Lending Act, which could have specific impact on powersports lending. And government agencies are known for looking out for their communities. Secondly, this year has seen a flurry of lenders entering the powersports market. Compliance is a requirement for all lenders – and new lenders will only partner with those dealers who have a compliance process. Thirdly, compliance was one of the hot topics at this year’s Powersports Finance Summit. So like it or not…compliance is here to stay for powersports dealers.
That being said, it’s time to ask yourself:
- Are my F&I practices up to speed in the event of a compliance audit?
- Is my team prepared for a detailed review – without sacrificing productivity?
How can you prepare your team for a compliance audit?
Let’s review a few pointers.
Organize your deal documentation. Create a checklist to put in the front of each jacket, and organize the paperwork according to the checklist. You’ll quickly see what’s missing – before the auditor spots the error. Continue reading