Leeds-based automotive tech brand DealTrak, has launched its new compliance module – a customisable integration which will aid dealership efficiency and compliance.
Seeking to ease some of the legislative challenges facing motor dealers, brokers, and F&I partners in the current climate, the latest addition to the DealTrak platform has been developed to assist in managing regulated activity for the sale of automotive finance and insurance products.
The system can be configured to handle finance suitability decisions as well as insurance statements of demands and needs. As a result, dealerships can easily establish a prescribed sales process which prompts users to input the right customer information, at the right time.
With users also able to input their own parameters, the resulting framework enables dealers to ensure they comply with their regulatory responsibilities – with all records time and date-stamped, and securely stored for a comprehensive audit trail.
In line with GDPR legislation, the in-built data processing element can save, store and share documentation, while also handling consent processing, data retention and deletion obligations on behalf of the user.
Christian Ingrey, head of insurance and data strategy at DealTrak, said; “Whether a small, independent retailer, or a multi-rooftop franchised dealer, most motor retailers rely heavily on the sale of F&I products in order to deliver their sales targets. With that in mind, it’s vital that efficient – and compliant – processes are in place to offer motor dealers a competitive advantage.
“All of our clients handle some sort of regulated activity – whether that be finance, insurance or both – and although DealTrak doesn’t mandate the sales process, the software allows for third-party users to configure the sales process in in their own way, providing the right tools to do the job properly.”
Facilitating automotive finance and insurance transactions, as well as providing daily F&I administration, management and reporting activities as standard, the DealTrak platform is used by 1,100 dealerships across the UK, and processed in excess of 3.6 million proposals in 2018 alone.