Knuckle Under the CFPB

Best be certain your dealership complies absolutely with Consumer Financial Protection Board (CFPB) regulations, as any doubt to its constitutional authority was nixed by the U.S. Supreme Court a few days ago. For dealers, the message is to continue sound consumer financing practices that might otherwise expose them to undue risk of CFPB violations. With a 7 to 2 favorable …

Physical Audits Support Compliance Software in Thwarting CARS Rule Violations and Other Auto Dealership Cyber Crimes

CRYSTAL LAKE, IL, May 22, 2024 – As cyber crimes against auto dealerships escalate, dealers must recognize the importance of conducting frequent physical security audits to supplement any software-driven compliance tool they may be using. This advice comes from Terry Dortch, a leading dealership compliance expert at Automotive Risk Management Partners, whose knowledge in this field is unparalleled. The need …

Contracts in the Automotive Business

Hello! I’m Terry Dortch from Automotive Risk Management Partners, and today, I’m going to delve into the intricate world of contracts in the automotive business. We’ll dive into the common challenges dealership proprietors face, and how you can structure vendor and customer deals more efficiently. Automotive Contracts Let me paint a picture; with years of experience in this business, I’ve …

The Importance of Physical Audits in the Dealership

Hello everyone! My name is Terry Dortch, representing Automotive Risk Management Partners. I spend quite a bit of time traveling across the States, interacting with folks from Louisiana, Alabama, Georgia to Northern Illinois, discussing what’s currently piquing their interest. Lately, there’s been a buzzword making the rounds – Cybersecurity! Cybersecurity isn’t new, but what’s got people talking is its incorporation …

NADA Guide to FTC Safeguards Rule

Require • Implementation of certain technical changes/tools• Required policy changes/updates• Written reports and documentation• Training requirements Clarify that “customer record” is viewed very broadly • Not just SSN or CC#• Not even just N PPI Does not change liability per se, still no private right of action, but: Increased obligations re Third Parties

Automotive Compliance: Understanding its Importance in the Industry

The automotive industry is one of the largest and most complex industries in the world. With millions of vehicles manufactured and sold every year, it is essential for the industry to adhere to strict standards and regulations to ensure the safety and well-being of consumers. This is where automotive compliance comes in. Automotive compliance refers to the adherence of automobile …