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Mitigate Credit Compliance Risk Without Adding Staff

June 24, 2019

Whether you work in a single rooftop or part of a 10-store group, there is a good chance the person to your left, your right, and in the mirror have the same primary skillset – they’re great at selling cars.

Heavy emphasis on selling as many vehicles as possible and the absence of dedicated compliance experts on staff can make the credit gathering process tricky. In some dealerships, the receptionist doubles as the head of accounting. Sometimes that works out great. Other times…not so much, and that puts a dealership in very real danger of running afoul in this highly-charged regulatory environment.

“We all have the same problem – our skill set in the dealership has always been customer-centric and process and sales-driven,” said Rob Zandi, Director of Compliance for Ken Garff Automotive Group. “Many dealerships don’t even understand how vulnerable they are to different types of compliance issues and process issues.”

The automotive industry is heavily regulated and dealerships of all shapes and sizes are going to see more buy-backs if they fail to adhere, but the reality is, not every dealership has the resources to add a dedicated Compliance Manager to their staff, let alone an entire compliance team.

DealerSocket built SocketCredit to reduce buy-backs and mitigate risk, even for dealers who unable to hire a full-time compliance team like some of the bigger groups.

It’s all about process. Implementing SocketCredit gives you a built-in accountability process to lean on if you’re ever called into question on some commonly missed red flags, with detailed records to back yourself up.

OR…you can hope a team of salespeople with aggressive revenue goals and little to no formal credit compliance training never fall victim to credit fraud, and fine details are never missed, causing buy-backs and costing you money.

Not everyone has the resources to completely staff up from a compliance standpoint, but SocketCredit is one way to invest in your processes to ensure you accomplish your main goal, which is to sell more vehicles and keep more money.

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This content may express opinions and ideas that are not intended to be official statements from DealerSocket, Inc.