Did you know…? A Lack Of Federal Compliance Training Could Be Putting Your Business At Risk? Are you as prepared as you think?

Dealers are required to adhere to numerous rules and regulations and should provide formal employee training regarding eight different regulations. Documentation of employee compliance training should remain on file and available for government audits. New hires should be trained immediately, with appropriate documentation of training. Dealership employees should be retrained on regulations annually.
Several federal agencies and the newly formed Consumer Financial Protection Bureau (CFPB) require and advise all motor vehicle dealers to perform employee federal compliance training regarding these regulations:

In previous dealership federal audits, investigations and civil litigation, independent dealers have been required to provide documented proof of all required compliance training and to produce all written Policies on demand. Failure to produce documentation of required training and/or Policies, has contributed to fines in the tens of thousands and even federal prison terms for the dealer.