Austin, Texas - RoadVantage, a leading provider of progressive F&I programs for the automotive industry, today unveiled a web-based Compliance Management System (CMS) that helps dealers ensure their practices are compliant with standards set by the Consumer Financial Protection Bureau.
“The CFPB has stated that it expects to see a Compliance Management System in place in every supervised entity,” said Garret Lacour, CEO of RoadVantage. “The RoadVantage CMS offers a straightforward, effective way for dealers to address this need.”
According to the CFPB, elements of an effective compliance program include written policies and procedures, verifiable training on policy and compliance, monitoring and corrective action measures to ensure accordance with policies, a track-able complaint resolution system, and periodic review, revision and written reports via independent, third-party audits.
Created by attorneys specializing in dealership defense, the web-based RoadVantage CMS is a comprehensive solution that addresses these elements through four major components:
Policy Management
Online Compliance Training
Complaint Resolution System
Third-Party Compliance Audits
“The recent industry events involving the CFPB mean it’s more important than ever for dealerships to ensure they have a compliance system in place,” said compliance expert Gil Van Over, president and founder of gvo3 and Associates, a nationally recognized compliance consulting firm. “The RoadVantage CMS offers the framework to help dealerships ensure they are meeting CFPB requirements.”
“Dealerships are looking for a turnkey compliance solution that integrates with existing practices and enables dealers to easily evaluate and demonstrate compliance,” said Randy Ross, senior vice president of sales at RoadVantage. “Because the RoadVantage CMS is an online tool, it offers a convenient way to foster compliance.”
