Evaluate Compliance Program Before Renewing Your Contract

Name: Evaluate Your Dealership Compliance Program Before Renewing
Uploaded: 2024-08-26T00:00:00+00:00
Duration: 1 min 40 s
Channel: Terry Dortch
Description: Building a compliance program, whether through an outside provider or handled internally, requires a clear-eyed evaluation of whether the approach actually protects the dealership. A set of downloadable white papers is highlighted as a resource covering what matters most in a compliant dealership op...

Evaluate Your Dealership Compliance Program Before Renewing

Terry Dortch President, Automotive Risk Management Partners August 26, 2024 1 min 40 sec

Key takeaways

Dealerships should review whether their compliance program, whether outsourced or handled internally, actually protects the organization.

ARMP offers a set of white papers describing what dealerships need to address to maintain a compliant atmosphere.

Dealerships with compliance contracts coming up for renewal should review available resources before making a renewal decision.

A dealership should re-evaluate its current compliance approach if it is not confident that approach protects the business.

Building a compliance program, whether through an outside provider or handled internally, requires a clear-eyed evaluation of whether the approach actually protects the dealership. A set of downloadable white papers is highlighted as a resource covering what matters most in a compliant dealership operation, from identifying key risk areas to structuring internal processes that hold up to scrutiny. The material is meant to be reviewed before committing to any compliance vendor or renewing an existing contract, rather than after the decision is already made.

For a dealership principal, GM, or F&I director, the practical takeaway is to pause before renewing or signing any compliance-related contract and use the white papers as a checklist against current practices. Terry Dortch recommends dealerships weigh their options carefully so time and money aren't wasted on a program that fails to hold up. Anyone with contracts coming up for renewal is encouraged to review the white papers first and reach out with questions before finalizing a decision.

Introduction and white paper offer

Hello, my name is Terry Dortch. I'm with Automotive Risk Management Partners. I want to talk to you today about your compliance program. We've got a set of white papers that we're putting out, and I'm going to have a link here on the screen that you can click on to go to the white papers.

Evaluating your compliance program

When you're looking at your compliance company, or if you've internalized it and you're looking at your internal processes, take a few minutes to make sure that whatever route you take, you're going to protect yourself. If you're not, you need to re-evaluate what you're doing.

Reviewing white papers before deciding

I've got a set of white papers here that goes through a complete description of what's important, what you need to be concerned with, and how to have a compliant atmosphere within your dealership. Please take a few minutes, click on the link on the screen here, download the white papers, go through it before you make a decision on anything.

Advice on contract renewals

If you're under contract with your current companies coming up for renewal, hold off on doing anything until you at least look at what we've got. You've got to take the time to at least make sure that whatever you do is not going to waste your money and your time. Make sure that whatever you do is going to protect your organization.

Closing and contact offer

Again, if you have any questions, you want to talk about it, feel free to give us a call. Thanks, take care.

Questions this video answers

What should I do before renewing my dealership's compliance contract?

Hold off on renewing or signing anything until you review available resources, such as ARMP's white papers, to make sure your money and time will not be wasted and that your organization will be protected.

How do I know if my dealership's compliance program is adequate?

Take a few minutes to evaluate whether your compliance company or internal process actually protects your dealership; if you are not confident it does, you need to re-evaluate what you are doing.

What do ARMP's white papers cover?

They go through a complete description of what is important, what dealerships need to be concerned with, and how to maintain a compliant atmosphere within the dealership.

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