Automotive finance has changed. The last 30 years have seen a plethora of laws and regulations thrust upon it. Between the government and plaintiff's lawyers, businesses of all sizes are in jeopardy. The complexities can be overwhelming and stressful considering the solvency of your business could be at stake.
Collaborating with Ignite allows businesses to acquire diverse expertise that will allow them to grow their business, assess and manage risk, and remediate dangerous inefficiencies. We know what the regulators are looking for and can gude you through the minefield.
Vendor Management System
Businesses are responsible for the actions of their vendors and will be held accountable. We aggressively represent our clients’ interests from initial due diligence, so the right vendor is selected, to contract negotiation, so issues are identified and responsibility rests where it should, and follow-up audits so you have confidence your vendor is meeting expectations.
We provide hands-on training to your employees to ensure that they are up to date on the latest compliance developments and business best practices. We teach your employees to think critically about their jobs and how they impact consumers, and subsequently, your business. Training includes, but is not limited to, areas such as advertising, credit reporting, collections, repossessions, and bankruptcies.
Document, Website & Advertising Reviews
When we audit deal jackets, our goal is to look for opportunities for better train your staff and improve your processes. Accordingly, we look for printing errors, confirm that your employees are printing the correct forms, and make sure that you are using the most up to date DMV forms.
When auditing websites, we want to make sure that we keep your business practices in mind. We review your website to see if your are taking payments, offering credit reports, sale quotes, and advertising inventory online. The website disclosures and company policies and procedures are then reviewed accordingly.
We review advertising to make sure that all print, TV, and online advertising comply with all federal consumer advertsining regulations.
Complaint Management System
This system will greatly reduce liability risk by heading off dissatisfied customers before lawsuits arise. Due to our strong backgrounds in technology, we’ll help with development and implementation, as well as conduct trend analysis and audits to ensure customer satisfaction is highlighted.
Credit Reporting Analysis & Audits
Reporting of credit and handling of customer disputes is a significant area of risk that can cripple a company, as evidenced by numerous multi-million dollar CFPB fines recently handed down. We will analyze your process, provide tools to identify weaknesses, and create reports to give you confidence that the information in your account management system is consistent.
A common mistake many honest dealers and financial institutions make is trying to jump straight to implementing their controls to guard against regulatory violations and consumer harm. They are missing the most important part of the process: the beginning! In order to properly mitigate liabilities, a company needs to know where its risks are. The Ignite team will show you how to execute a comprehensive risk assessment so that any controls implemented are both effective and relevant.
Auditing and Review
Integral to any Compliance Management System is ongoing audit and review. When businesses invite a 3rd party in to audit processes and controls, they send a strong message to regulators that they are serious about compliance and are making sincere efforts to mitigate consumer harm. Not only will regulators view this type of audit support favorably, the business will also be in a much stronger, defensible position against potential litigation.
Litigation Analysis and Support
Litigation can manifest from just about any angle, any time and is a constant concern for businesses of all sizes. In fact, many dealers and finance companies are just one lawsuit away from shutting down entirely. A major challenge is finding the right type of legal support that is specialized in BHPH and Auto Finance in order to mount an effective defense. Ignite has the necessary combination of experience and legal expertise to help your counsel in providing the best possible defense against costly litigation.