Recent changes by the federal administration to the Consumer Financial Protection Bureau and the Federal Trade Commission might signal some retail automotive franchise and independent dealers to let down their F&I compliance training guard. That’s a really risky move. While federal compliance enforcement might be handcuffed at the moment, state and local compliance regulations are in full force. Why risk your valuable revenue to compliance risk?
At EFG, we believe compliance is everyone’s responsibility. That’s why we created Common Sense Compliance training for all employees. Broken down into clear, actionable language, we work hard to take the complicated legalese out of compliance.
As a dealer principal or general manager, compliance ultimately lands on your desk. A daily 10-minute walk around your shop can pinpoint simple fixes that could become compliance gotchas. Unsecured files or documents left on a copier are just a few examples. Our Deal Checklist is a handy tool to reinforce good compliance habits.
Train for Compliance
The Association of Finance and Insurance Professionals (AFIP) offers a multi-tiered certification ladder for financial services professionals and certified F&I professionals to stay up to date on the minute and ever-changing details of this complicated field. EFG recommends taking compliance training one step further and designating a compliance officer on your dealership team.
There are measurable benefits to training compliance managers and dedicated F&I team members. Your F&I team is tasked with protecting your dealership every day from compliance risk. You can lessen your risk of running into legal problems during the sales and F&I process as well as reduce the money you have to spend on legal settlements, fines, and similar matters. Compliance training also reduces the number of customer when employees are properly trained to close deals without cutting corners or misleading the customer.
AFIP Compliance Training on Us
AFIP training comes with a cost which is multiplied if you have several rooftops. At EFG, we offer AFIP certification training, administered by our own AFIP-certified compliance experts. This training not only maximizes client profitability but provides the latest information on federal, state and local regulations.
This month, EFG is offering an AFIP Certification Voucher, valued at $8,000, for one employee to complete our AFIP compliance training course for qualified dealers. With all of the changes happening in compliance these days, don’t risk your profitability. Compliance still matters. Click here to see if you qualify.
You can see an example of the depth of training offered in our Common Sense Compliance booklet. Our goal is to keep your people trained, your dealership secure, and your revenue safe from compliance mistakes.
At EFG Companies, we’re more than an F&I provider, we’re your business partner in the retail automotive industry. Together, let’s MAKE MORE this year.
Connect with our Training Director, Anthony Olivieri on LinkedIn, or contact him directly via email with any questions you have about compliance training. He can also be reached at 682-206-8528.
