• Stop being a LURKER - join our dealer community and get involved. Sign up and start a conversation.

A Dealer Guide to the FTC Safeguards Rule - Download PDF

Dec 4, 2009
368
355
0
First Name
Dan
If you're the type of person who studies the morning of a final and gets an "A", then you'll probably be fine. If you need to study weeks in advance to get a "C", then it's time to panic. Either way, if you haven't started you need to start NOW to make sure you and your vendor partners are all buttoned up before the Safeguards rule goes into effect this December. There are a number of resources out there, including the NADA. Here is a simple guide, long but simple, to follow on your path to avoiding potential headaches and fines. Our auto group, through a team wiser than I, started this journey months ago.

Here is the link to the guide
View: https://drive.google.com/file/d/1YI52pPD1BHzoowgFv1mBzoNf1YJZZ9Bs/view?usp=sharing

If you're with the NADA, and I'm not supposed to share this document, sorry.
 

Jim Lease

Boss
Sep 23, 2014
23
18
108
First Name
Jim
@Dan Sayer

Thanks for sharing this guide even if you weren't supposed to share it. Did you and Anderson hire an outside firm to assist with implementing everything? It's seems like quite an intensive undertaking for the average dealership, although it definitely needs to be addressed immediately. I saw the NADA guide recommends a handful of companies dealers can contact to help with compliance. Just wondering if you are using one of those companies or doing this in-house with a skilled IT team?
 
Dec 4, 2009
368
355
0
First Name
Dan
@Dan Sayer

Thanks for sharing this guide even if you weren't supposed to share it. Did you and Anderson hire an outside firm to assist with implementing everything? It's seems like quite an intensive undertaking for the average dealership, although it definitely needs to be addressed immediately. I saw the NADA guide recommends a handful of companies dealers can contact to help with compliance. Just wondering if you are using one of those companies or doing this in-house with a skilled IT team?
In house team. I hired a former pharmaceutical warehouse manager to take pictures (he was a semi-professional photographer on the side) to perfect our merchandising process in 2010 and he has since moved away from and has been utilized in the group to do all the strict process and compliance tasks (OSHA, Safety Training, Contract review, F&I Compliance, etc). He and our IT Director and CFO along with a couple of others have been working on this all year for all 12 of our retail points. We are lucky to have him and the team.
 

Tallcool1

Boss
Mar 17, 2014
491
325
193
First Name
Clint
I am not endorsing this company, but will say that I sat through a Zoom Meeting with their legal counsel last week.


I was very impressed to say the least. They are on top of the vendor side, and seem to have a very deep understanding of these new FTC Guidelines. They have process templates built into their system, and all of the other cool stuff that we would expect someone to have.

It may well be worth looking into for anyone that can justify the fees.
 

ChrisR

Boss
Oct 12, 2015
445
410
193
First Name
Christian
I am not endorsing this company, but will say that I sat through a Zoom Meeting with their legal counsel last week.


I was very impressed to say the least. They are on top of the vendor side, and seem to have a very deep understanding of these new FTC Guidelines. They have process templates built into their system, and all of the other cool stuff that we would expect someone to have.

It may well be worth looking into for anyone that can justify the fees.
That's who we are utilizing, as well.
 
  • Like
Reactions: Tallcool1