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Benefits of Documenting Your Dealership Processes

Post author By efgmarketing
Post date July 27, 2016

Contributing Author:
Steve Roennau
Vice President
Compliance
EFG Companies

As a dealer, you’ve probably heard that it’s important to document your processes seven different ways. The Consumer Financial Protection Bureau (CFPB) is rallying for them. Lenders are asking for them. And, soon it will be a requirement for all dealers to have documented processes.

But what does this mean? I get a lot of questions from dealers asking some variation of, “Do I just need to document my processes with regards to regulations, or all my processes?” In short, the answer is invariably, “You need to document all your processes.”

But, here’s the kicker: there are so many processes in a dealership that not everyone knows where to begin. And, so many processes are simply just part of the routine, that many dealers haven’t conceptualized how to define them beyond, “just do it”.

Just like with any big project, think about tackling this project one bite at a time. Start with the checklist on your deal jackets. Define and write down the process behind each item on the list. Each process should consist of three components:

Tags CFPB, Consumer Financial Protection Bureau

Uncategorized

EFG Companies Names Steve Roennau as Vice President of Compliance

Post author By efgmarketing
Post date June 23, 2016

Position 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.”

Tags AFIP, Association of Finance and Insurance Professionals, Chrysler Capital, Chrysler’s Five Star initiative, Compliance, EFG, EFG Companies, Ford, General Motors, Hyundai, John Pappanastos, Mitsubishi, Santander Consumer USA, Steve Roennau, Volkswagen

Training

Aligning Dealer and Consumer Needs

Post author By efgmarketing
Post date June 8, 2016

Dave Gibbs
Training Manager
EFG Companies

The results of a new poll released in May by The Associated Press-NORC Center for Public Affairs Research state that two-thirds of Americans would have difficulty coming up with the money to cover a $1,000 emergency. According to the poll, this spans all income brackets with 75% of people in households making less than $50,000 a year, 67% of those in households making between $50,000 and $100,000, and 38% of households making more than $100,000 all stating they would have difficulty coming up with $1,000 to cover an unexpected bill.

The poll also states that one of the main reasons for this lack of savings is lack of wage growth. 46% of workers said their wages remained stagnant in the last five years, and 16% said they’ve seen salary cuts. During this time, costs for basic needs such as food, housing and health care have risen.

Furthermore, the poll found that a third of Americans would borrow from a bank, friends, or family, or put the bill on a credit card to pay for the unexpected expense. 13% would skip paying other bills and 11% would not pay the bill at all.

Tags AP, Associated Press, Associated Press-NORC Center for Public Affairs Research, Dave Gibbs, EFG Companies