I am having a bit of déjà vu’ writing this. Just a few weeks ago, compliance was the topic of both columns in ABSR. And this week, compliance is back! It is a measure of how large compliance figures in every dealer’s life, however, that Don Ray’s column this week is on compliance in a different area of the dealership than either of the two a few weeks ago.
As he notes, “In 2017 NADA identified one hundred and one federal regulatory issues up from fifty-six in the year 2000 that impact retail automobile dealerships.” Ray looks at compliance in the finance and insurance department, an area of growing importance in dealerships’ profitability. He makes the case for using a third party to assess your F&I compliance record, which can reveal employee misconduct as well as flawed compliance procedures.
We’ve also looked at the importance the quality of the people working at a dealership plays in its success in recent issues. If you put the right person in the right job, it has a ripple effect for dealership operations, contributors have said.
Columnist Jeff Tobaben of Evolve Performance this week notes that having knowledgeable employees who truly take an interest in customers – the kinds of staff you have if you truly try to put the right person in the right job – boosts customer engagement with a dealership. And that, says Tobaben, can lead to more business.
And would we forget Transaction News? Of course not!