Video Audit Review
Have Cameras Installed?
gvo3 & Associates offers an ongoing, comprehensive review of F&I videotaped transactions for dealerships that have the video recording technology in place, but do not have the capacity to review the transactions themselves on a regular basis.
The F&I videotape transaction audit is similar to the document review. A statistically significant number of transactions will be randomly selected for review. A gvo3 associate will observe and analyze the transactions looking for seven key elements.
Here are seven (7) key elements of the transaction to monitor:
- F&I Manager Integrity, Ethics and Compliance
Determine if F&I Managers are operating within acceptable standards of integrity, ethics and compliance
- Menu Presentations
Analyze the F&I menu presentation techniques compared to industry best practices and track the presentation of offering every product to every customer every time
- Proper Disclosures
Monitor that the F&I Manager is making proper disclosures
- Conflicting Verbal Promises
Listen for verbal promises contrary to written commitments
- Deceptive Trade Practices
Check for potentially deceptive trade practices such as product bundling or stuffing, payment packing, predatory discrimination and other bank fraud
- Truth in Lending Disclosures
Confirm compliance with certain Truth in Lending disclosure requirements
- Potential Dealer/Lender Relation Issues
Detect potential issues that would harm the relationship between the dealer and the lender such as credit card down payments, power booking, and straw purchases
gvo3 & Associates has arrangements with a company that offers the F&I video recording tools, software and technology to get started.
Innovative Aftermarket Systems (IAS) Phone (800) 346-6469