Billings, Montana (PRWEB) July 17, 2008
FTC's Red Flags Rule requires every U.S. auto dealer to develop, implement, and maintain a written, comprehensive identity (ID) theft prevention program that specifically outlines the dealership's plan to detect, prevent and mitigate identity theft. This Red Flag regulation applies to every auto dealer - regardless of size - and must be in place by November 1, 2008. Dealerspan's "Red Flag Complete" is the first and only on-site full compliance package specifically designed to address the needs of auto dealers.
Unlike other "ID theft" solutions, Dealerspan's "Red Flag Complete" was created by a team of professionals with over 30 years of dealership experience. Matt Hall, Director of Sales & Marketing, is spearheading the effort to "simplify what dealerships do, through technology." He notes this software comes from the unique perspective obtained by sitting in every chair in the dealership. And it is addressing some of the toughest aspects of compliance:
- Automating training of F&I staff
- Improving dealership knowledge base with informative data to assist the staff in detecting Red Flags in their dealership.
- Automating the process of developing the required Identity Theft Prevention Program.
The goal is to prevent identity theft from occurring, as well as protect the dealership's bottom-line. For example:
- Identity theft claims go up, meaning Property and Causality insurance costs go up
- If several claims are logged, dealerships run the risk of losing their insurance.
The actual identity thief is way ahead of the November deadline, as Steve Zabawa, owner of Rimrock Auto Group in Billings, Montana can attest. He paid $80,000 in ID theft claims; "pay now or pay later," Zabawa simply stated. Now equipped with "Red Flag Complete" Zabawa said this about the program "If I would have had this program in place this costly identity theft would have been avoided. This application helps my dealership be proactive when dealing with sensitive data." He added, "By preventing just one incident, you will save thousands and thousands of dollars." Zabawa recommends posting that your dealership is Red Flag compliant to deter employees and provide consumers the confidence that they have chosen the right dealership. He compares "Red Flag Complete" to an anti-virus program, noting it's a best practice for protecting your business.
Customers have come to see it as a value-added service. Matt also notes, "Our greatest fear as consumers is for someone to get our personal information. It's essential for dealers to have business systems, protocols, and procedures in place - like doing business online with a trusted name like Dealerspan." He noted that it is common practice to have your lot secured every night to deter vehicle theft; why not take the same diligence in knowing your customer and deterring identity theft?
Red Flag Complete is a full compliance package, including risk assessment and analysis, policy generation and acceptance, incident tracking, employee video training and testing, and more. The Red Flag Complete plan gets businesses up to speed with federal regulations and assists in providing a safe level of operation when dealing with customer information. Implementation of the product, including training of staff, takes three to six weeks. Red Flag Complete was developed with the assistance of Hudson Cook, LLP, so Dealerspan has benefited from the expertise of Michael Benoit, a nationally recognized speaker and author of compliance issues for financial institutions and the automotive world.
About Dealerspan LLC.:
Dealerspan is an innovative and advanced technology company with numerous solutions to drive sales and gross profit for auto dealerships. Serving as a provider of an expansive array of financial, online, and core applications that affect many areas of auto dealerships, Dealerspan focuses on the retail market. Our motto is software solutions designed for dealers by dealers. The technology consists of cutting edge interactive video, scalable frameworks, and an advanced accountability process. Dealerspan's mission is to simplify the processes involved in running dealerships, resulting in technology solutions that shift gross profits into overdrive.
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