Page 39 - GIADA Aug2017Digital

COMPLIANCE

F&I. I’m talking about a dealer who has fig- United States, and dealerships are particu- Bundled forms printing replacing a stack of
ured out ways to convert pulp to ions. larly scrumptious targets to identity thieves. multi-ply forms
Managing vendors’ belief that they have a
Moving to an edealership concept provides Add the potential dollar amount of such compliant solution
many benefits to a dealer. Some are finan- crimes to the ability to digitally apply for and Training
cial, some esoteric. For example, converting consummate an out-of-area delivery with- As I embark on this noble effort to define
handwritten documents to digital docu- out ever stepping foot in the dealership and the edealership, I will focus on the compli-
ments can potentially be a cost and environ- you have exacerbated the risk. ance component of the various processes
ment savings. Think about how much you’ll that support it. Your thoughts and debate are
save not paying to store seven years’ worth of Another potential roadblock to completely welcome.
deal files or five years of dead deal files. digitize all the documents generated from
your sales and F&I processes are archaic state By the way, did you know a tune titled “#Sel-
Factor in the wasted employee time to file laws and their requirement to retain wet-ink fie” rose up the dance charts this decade? If
and store bankers boxes of deals, or the time signatures on certain documents. The grow- you’re not an electronic dance music fan, the
spent rummaging through the old boxes to ing list of potential risks also include: song portrays the current culture of taking a
respond to a complaint from the Dark Side. self-portrait with a smartphone, looking at it
I bet the savings from eliminating Sharpies How to handle and manage social media and deciding whether to delete or Instagram
alone would be worth the effort. Credit app aggregation systems the results. As the saying goes, innovation is
Dealer websites, including uploading pic- never a single event. n
But as usual, with gain comes pain, as con- tures and accepting credit apps
verting to a paperless edealership has its Electronic signatures Gil Van Over is the executive director of Auto-
risks. Primary among them is accepting and BDC calls and texting motive Compliance Education (ACE) and the
safeguarding consumers’ nonpublic person- Lead generators founder and president of gvo3 & Associates.
al information (NPI). Identity theft contin- Tablets to deliver sales and F&I proposals Email him at gvo@bobit.com.
ues to be the fastest growing crime in the Accessing dealership systems by smartphone

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GIADA Independent Auto Dealer AUGUST 2017 | 37