Archive | Compliance

Not Your Father’s Payment Assurance Device – A Plea to Regulators

Not Your Father’s Payment Assurance Device – A Plea to Regulators

Back in the heyday of WordStar, Lotus 123, and other advanced PC programs in the early 1990’s, I had the rare privilege of being a receiver for a Buy Here Pay Here store. I was responsible for winding down its operations as a result of a RICO forfeiture case on behalf of the Florida Attorney … Read More »

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The Black Box of Government Regulation

The Black Box of Government Regulation

The term “black box” refers to the concept of a device, or a box, in which there is input, something is moved or transferred into it, and voila, out of this device or box there is a measurable and quantifiable outcome. But, the workings of the box itself remain a total mystery. The human brain, … Read More »

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A View from the Dark Side

A View from the Dark Side

Car dealers and the industry, in general, are savvy, creative entrepreneurs and possess great common sense. But, they have an enormous blind spot as it relates to how they are perceived by the regulating community. Federal and state agencies, consumer protection organizations, and private plaintiffs, the Dark Side, are openly hostile to the industry of … Read More »

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Everything You Need to Know About Advertising Cars and Trucks*

Everything You Need to Know About Advertising Cars and Trucks*

There is simply no way a short column could address every issue. However, advertising isn’t that complex and conscientious dealers can certainly understand the basics and apply them. I would never discourage dealers from using their attorneys or advertising firms for assistance in these matters. But, understanding advertising basics will help dealers converse with their … Read More »

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The Consumer Financial Protection Bureau’s Encroachment Into the Auto F&I World

The Consumer Financial Protection Bureau’s Encroachment Into the Auto F&I World

When Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, both the auto dealer and insurance industries were at the table to be sure they were carved out from the jurisdiction of the now powerful Consumer Financial Protection Bureau, better known as the CFPB. As is frequently the case, however, legislative exemptions are … Read More »

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Planning a CFPB Friendly Compliance Program

Planning a CFPB Friendly Compliance Program

Every dealer should probably take flight if he meets a government regulator who begins the conversation with the statement “I am from the government and here to help you.” Similar sounding statements, and flight responses, are also appropriate when encountering undertakers, ambulance drivers, and income tax preparers. However, dealers can help themselves by learning about … Read More »

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