The mere mention of "compliance" is enough to catch the attention of both experienced and novice F&I managers. The rules and regulations in the industry are constantly changing, so it is crucial to take your dealership's compliance seriously every day. Ignoring protocol can have devastating consequences, including hefty fines and penalties.
One updated regulation, the FTC Safeguards Rule, has a compliance deadline of June 9, 2023. This will impact dealerships as it requires all financial institutions, including auto dealerships, to demonstrate compliance.
The National Automobile Dealers Association has provided guidance in response to this latest directive. Some requirements include limiting and monitoring access to sensitive customer information and implementing multi-factor authentication or another method with equivalent protection for anyone accessing customer information.
RouteOne Compliance Solutions for Dealerships
To stay ahead of the curve, you should consider creating an action plan and building a routine so that compliance becomes second nature to everyone involved in managing compliance tasks. Using the right tools can also help protect your dealership from various cybersecurity threats. The RouteOne suite of complimentary compliance products and services is designed to ease your dealership compliance burdens.
User Permissions – Assign appropriate employee access and designate finance sources to view customer data. Permissions can be set and edited by the Dealer System Administrator (DSA) under the Admin tab in the RouteOne system.
Activity Alerts – Set security alerts for suspicious dealer user activity within the RouteOne platform. You can sign up for this option under Admin>Premium Services.
IP Blocking – Prevent unauthorized access to sensitive customer data by blocking outside users. Contact the RouteOne Service Desk at 866.768.8301 to set up this service.
Active Dealer User Report – Ensure that only your current, authorized employees can access your RouteOne system and receive information on users’ activity history. This tool is located under Preferences in the Admin tab in the RouteOne system.
Data Masking – Use this tool to keep unauthorized individuals from seeing sensitive data by masking SSNs, tax IDs, and driver’s license numbers when entering a credit app or running a credit bureau.
Compliance Dashboard – Dealers can see at a glance how your store manages compliance tasks for ID verification, dealer rate exception forms, AAN, OFAC, CSDN, privacy notices, and more. Plus, visually assess compliance at both the dealership and transactional levels.
Multi-Factor Authentication (MFA) – A complimentary security feature that provides a layer of protection to dealerships to help safeguard their data against theft and corruption. Learn about the benefits of MFA and how to set it up in the RouteOne platform.
Safely Store Digital Documents
Documentation in a dealership is abundant and diverse, ranging from compliance paperwork to privacy notices, Non-public Personal Information (NPPI), aftermarket data, and credit reports. The importance of securely retaining customer and application documents cannot be overstated.
Even if your dealership is transitioning to a paperless system, it's important to remember that compliance regulations regarding the storage of crucial data still apply. To manage compliance, it's essential to securely store important documents and data digitally. Fortunately, RouteOne's SecureDocOne service offers a reliable solution for storing various digital documents, such as privacy notices, aftermarket data, and credit reports.
Adverse Action Notices
Manually monitoring and making decisions around Adverse Action Notices can be challenging and time-consuming. Consider a streamlined solution for this important task, like RouteOne’s Adverse Action Notice Mailing Service. You can use the time you save to sell more cars or train new employees.
Additional RouteOne Compliance Help for Your Dealership
Guides and Videos: Log into the RouteOne platform for various videos and guides designed to help you make the most of RouteOne’s compliance tools.
Compliance Webinars: Dealers can benefit from RouteOne's free live compliance webinars, which provide valuable insights on managing dealership compliance and other related matters. Keep an eye on our social media for registration details to attend the live webinar or watch the recording later.