LAKE SUCCESS - DealerTrack is offering a $25,000 Red Flags Guarantee to current and new subscribers of its Compliance Solution, a suite of compliance tools available in the automotive retail industry.
The new Red Flags Guarantee from DealerTrack will cover associated government-issued fines up to $25,000, should a dealership be cited for non-compliance with the Red Flags Rule while using the DealerTrack Compliance Solution.
"With auto identity theft on the rise, a new era of regulatory requirements has emerged, and DealerTrack has dealers covered when it comes to compliance," said Robert Granados, vice president and general manager, Finance Solutions, DealerTrack.
"Backed by our extensive experience navigating the compliance and regulatory landscape and years of safeguarding dealers from identity theft, we can confidently offer this guarantee. No other company delivers the breadth of compliance safeguards coupled with such a guarantee."
The DealerTrack Compliance Solution helps protect a dealership throughout the sales and F&I process, including credit reports and Red Flags, credit application submissions, menu presentations, and document storage and retrieval.
The solution allows dealers to work all deals on one fully integrated and secure platform to streamline the process and protect their dealership and its customers.
The Red Flags Rule, which is enforced by the Federal Trade Commission (FTC), requires businesses and organizations to adopt and implement an Identity Theft Prevention Program. The program should be designed to detect, prevent and mitigate identity theft when establishing or maintaining consumer credit and certain business accounts.
The potential liability dealers could face from not complying with the rule includes, but is not limited to, $3,500 per violation under the Fair and Accurate Credit Transactions Act of 2003, up to $16,000 in penalties under the FTC Act, and potential lawsuits from the FTC and State Attorney Generals.
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