Dealers Pack F&I/Legal Compliance Seminar Profitability and Compliance Are Not at Odds
Dealers still flinch at a replay of the recent 60 Minutes account of deceptive dealership F&I practices as well as numerous other media exposes and growing reports of individual and class-action lawsuits that were reviewed at WANADAês Legal Compliance Seminar, held last week at the Pooks Hill Marriott, Bethesda, MD.
These reports are symptomatic of a changing legal, regulatory and public relations climate, and they were used to set the stage for the comprehensive yet easy to understand two-hour seminar that convincingly demonstrated to dealership executives that profitability and compliance with the law are not at odds.
The workshop focused on changes in the finance industry in today’s market, dealer best practices, recommended F&I processes, and how lawsuits affect every dealer and the industry’s reputation. There was also a review of 10 specific strategies to ensure legal compliance.
After the session was opened by WANADA legal counsel Patrick Kavanaugh, WANADA dealers heard from experts in the field: Chris Costello, corporate attorney for Jim Moran & Associates, Inc., and Peter Chafetz, JM&A Group’s career development manager. JM&A Group has over 2,100 dealer customers nationwide, and has been awarded J. D. Power & Associatesê Highest Overall Dealer Satisfaction With Service Providers.
Following a review of recent media reports and legal developments concerning dealership F&I operations, Chafetz offered a step-by-step presentation of the proven JM&A F&I sales process, including the customer interview, menu-style presentation and product presentations.
Costello followed with a session on legal hurdles and JM&A recommendations, based in part on information provided by WANADA consultant Mike Charapp of Charapp & Weiss, LLP. The focus here was on what dealers can do today, ranging from complaint and arbitration procedures and agreements to employee training and F&I certification, proper disclosure of products and recording transactions. Chafetz was specific about what to do as well as what not to do to be legal, ethical and profitable.
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