Kelly’s Korner – Concerning Your Area Of Influence
Q The number of regulatory issues has grown to the point that I am afraid of being an F&I manager. While I love the business, I also want to go home at night without worrying about being arrested.
A We are all concerned about the compliance issues that face our industry. We strive to do the right things every day, not just because we have to, but also because it is simply good business practice to do so. It is easier to carry the weight of compliance matters when you focus on your own area of influence.
Your area of influence encompasses what you do during a business transaction, and this is what you are held accountable for.
~ Do you properly present your products?
~ Do you present facts with the benefits?
~ Do you fully disclose all the terms and conditions of the transactions before you obtain signatures from the customer?
~ Do you handle the customer’s private non-published information in a discreet, professional manner?
~ Do you use a crosscut shredder to dispose of private information?
You are responsible for the actions you take within your own sphere of influence, as you carry out compliance policies and procedures established by dealership management.
Regulations concern all of us. When you focus on those that belong to you, you are taking care of the compliance that matters.
“Kelly’s Korner” Column, OIADA Squeaky Wheel Newsletter, September 2006