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Tag: Dealer Insurance

Dealer Lot Protection (Part Eight)

Monitoring Employees Auto dealerships are fast-paced, complex enterprises dealing with high-value assets. They can easily earn 10 times the revenue in a day that an employee might earn in a year. When temptation is great, trust is at a premium.   Dealerships must implement—and employees must accept—measures to prevent fraud by staff members. These include: Rigorous pre-employment screening for any evidence of unethical or fraudulent...

Dealer Lot Protection (Part Seven)

Combating Finance Fraud Nobody likes to be regulated, but if you have to work under regulations, it’s best if they can promote your business objectives.   When it comes to addressing identity fraud and finance fraud in vehicle transactions, the Federal Trade Commission’s “Red Flags” rule, imposed in 2011 on auto dealers as well as other enterprises, creates a framework for systematically identifying, addressing, and...

Dealer Risk Management (Part Five)

Test Drives Tight control over keys does not eliminate the need for rigorous policies and procedures regarding test drives.   In particular, one should also have a dealer employee ride along on every demonstration and test drive. Normally that is not an issue, as the test drive is the best opportunity for a salesman to point out the features of the vehicle. The only conceivable...

Dealer Risk Management (Part Four)

Controlling Access to Keys Costly as natural hazards and burglary-type thefts can be, the most persistent source of loss for a dealership is theft of vehicles by fraudulent individuals posing as legitimate buyers.   Step one for every modern car dealership should be to utilize one of the new electronic key-tracking applications that are rapidly becoming standard features of dealer operations.   Before discussing how...

Dealer Risk Management (Part Three)

Employees and Collision Losses Most dealer employees will be driving dealer vehicles for one reason or another, and it is safe to assume that all of them will drive a dealer vehicle at some time. Given that, it is advisable to implement some of the driver safety monitoring used by trucking and livery companies: Obtain an MVR for each employee when hired and at least...

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