Proper documentation is crucial when it comes to new vehicles. This primarily involves the Monroney stickers, which must be properly posted on all new vehicles. These stickers are more than just a legal requirement; they provide crucial information about the vehicle’s features, fuel economy, and pricing to potential buyers. Regular checks should be conducted to ensure these stickers are present, legible, and accurately reflect the vehicle’s specifications.

For used vehicles, the focus shifts to FTC Buyers Guides. These guides are vital in providing transparent information to used car buyers. Your assessment should verify that these guides are posted on all used vehicles, and it’s not enough to simply have them present. You must ensure they are the correct and current version, properly completed with all necessary information, and displayed correctly on each vehicle. This attention to detail demonstrates your commitment to transparency and fair dealing.

Proper key FOB management might seem small, but it’s crucial for security and loss prevention. Implementing and regularly assessing key FOB control procedures helps prevent potential losses and maintains the security of your inventory. This includes tracking who has access to key FOBs, how they’re stored when not in use, and procedures for their return after test drives or other uses.

Dealer plates and temporary tags are another area where regular inspections are vital. These items are subject to specific regulations, and misuse can lead to significant legal issues. Your assessment should include regular inspections of dealer plates and temporary tags to ensure the correct processes are followed for their use and display. This includes tracking their assignment to vehicles, ensuring proper documentation for their use, and verifying they’re only used as permitted by law.

The signage throughout your dealership does more than just provide information – it’s also a compliance issue. Your lot management assessment should include a thorough review of all dealership signage. This encompasses both regulatory signs required by law and informational displays. Ensure that all required signs are present, correctly placed, and up-to-date with current regulations. Also, check that informational signs accurately reflect your current policies and offerings.

One of the most critical aspects of your lot management assessment is ensuring price consistency between your physical lot and your online presence. This involves comparing the prices on window stickers with those listed on your website. In today’s digital age, customers often research online before visiting a dealership, and any discrepancy between online and on-lot pricing can lead to distrust and potential legal issues. Regular checks to ensure this consistency aid in compliance and build customer trust.