Perform & Track Your Compliance Processes with Auto/Mate
by Ken Hill, Managing Director, 700 Credit
What’s the most underused feature in Auto/Mate’s CRM? Quite possibly, it’s the ability to perform and track your dealership’s credit compliance processes. Most dealers don’t even know they have this capability, let alone use it. Yet implementing this feature can result in significant cost and time savings.
Is your dealership’s compliance program ready for a government audit? What must your dealership have in place for Red Flag, Adverse Action and RBPN? Laws and regulations change rapidly, making it difficult to stay on top of your dealership’s compliance obligations. Yet the cost of shirking this responsibility is high; you really have no choice.
Fortunately, Auto/Mate’s CRM is integrated with 700 Credit’s Compliance Dashboard, so you can perform and track your entire compliance process and meet mandatory federal requirements, all from within your CRM!
Ten years ago, compliance was nowhere near as detailed as it is today. Similarly, ten years ago the complexity and usage of CRMs was nowhere near what it is today. So it makes sense that ten years ago, CRM vendors forgot about developing features that make credit and compliance management easy.
But today, that has all changed. Now when you’re in the middle of a deal, there’s no need to log into the DealerTrack or RouteOne lending platforms to review all the credit offers. Now you can instantly pull up the same information from within Auto/Mate’s CRM, eliminating the need to switch back and forth between applications. Once a lender is selected, Auto/Mate’s DMS is auto populated with all the data from the lending platform, eliminating the need to export the data from a separate application.
An integrated Compliance Dashboard improves workflow and helps to speed up the sales process, because the salesperson can stay right in the CRM throughout the entire purchasing process. The handoff to F&I also becomes more efficient, as all the data is already in the system.
Most important, 700 Credit’s integrated Compliance Dashboard makes it easy for dealers to manage credit reporting and compliance from a single view. Both single and multi-rooftop views are supported, and issues of concern are highlighted in red for quick identification.
Items supported on the dashboard include Red Flag Alert status, OFAC Compliance, Adverse Action letter, and RBPN. Additionally, the Compliance Dashboard shows lead summaries for:
With an integrated Compliance Dashboard your dealership will realize the following benefits:
Ensure compliance processes are being followed
Identify immediately when/where you are out of compliance
Easily print audit reports
So stop worrying about compliance! Make your compliance process easy by using 700 Credit’s Compliance Dashboard, right from within Auto/Mate’s CRM!