Regular facility assessments are essential for identifying potential compliance issues. Key areas to focus on include:

• Proper display of Monroney stickers on new vehicles
• Correct placement and completion of FTC (Federal Trade Commission) Buyers Guides on used vehicles
• Appropriate signage throughout the dealership

While conducting a facility assessment, it is also wise to inspect key fob control procedures to prevent losses and to review how your dealership tracks and protects other important items, such as dealer plates and temporary tags.

One of the most crucial aspects of advertising compliance is ensuring that your vehicle prices are consistent across all platforms. This builds trust with your customers and keeps regulators at bay. Areas to review:

• Comparing window sticker prices to website listings
• Updating both window stickers and online listings when prices change
• Disclosing any discrepancies between advertised prices to consumers

 Remember, in many states, you must inform customers about the best-advertised price for a vehicle. Consistency in pricing helps avoid violations of Regulation M, Regulation Z (Truth in Lending), and potentially the Vehicle Shopping Rule.

Regular deal jacket reviews are vital for maintaining compliance and identifying areas for improvement in your vehicle transactions. When conducting these audits, focus on:

• Identifying missing forms or incomplete documents
• Verifying proper disclosures
• Checking for improper fees
• Confirming that add-ons are purchased with express, informed consent
• Comparing practices across F&I managers to identify training opportunities

With increased scrutiny from regulators, particularly around the Vehicle Shopping Rule, it’s crucial to implement a system that tracks advertised prices against actual transaction prices. This helps prevent:

• Deviations from advertised prices
• Potential penalties from regulators like the FTC or state attorneys general
• Legal issues arising from discrepancies between advertised and final prices

Remember, regulators are actively pursuing cases where the transaction price exceeds the advertised price, sometimes resulting in multi-million dollar fines for dealerships.