As more major retailers are being hacked for consumer information, Dealertrack Technologies made five recommendations to help dealerships protect themselves, their customers, store data and ultimately, profitability.

Among the five steps shared by Sharon Kitzman, vice president and general manager of DMS for Dealertrack, were:

— Create privacy notices that address the sharing of data.

— Carefully vet and contractually bind partners to confidentiality and specified, limited use of dealer data.

— Limit partner access to only those data modules required for them to perform the contracted-for services.

— Reserve the right to restrict access to data as your business needs change.

— Terminate access to your dealer data immediately at the end of a relationship.

“The combination of smart technology and smart data sharing and security practices is your best defense against lost or stolen customer and dealer data,” Kitzman said in a blog post on the company’s website. “By demonstrating to customers that you can practically and confidently protect their information, it will go a long way in winning their confidence and future business.”

Kitzman emphasized these practices are important because some partners may claim that they need to own or have irrevocable license to dealer data. 

“Others may want to hide what data they are pulling and how they are using it, and many charge exorbitant amounts to integrate your data — data that belongs to you — into their systems,” Kitzman said.

“The bottom line is that you need to inspect your own dealership’s data practices to ensure that your technology partners are doing only what you approve,” she went on to say.

Kitzman’s colleague from Dealertrack — Michael Collins — likely will be talking about data security and more during his afternoon keynote presentation at the SubPrime Forum, the Used Car Week segment dedicated to the financing side of the business.

Collins, Dealertrack’s senior vice president of F&I solutions, will be asking the question, “Is today’s subprime market the ‘new normal?” Collins will deliver a unique perspective on how the subprime market has helped to fuel the auto industry’s recent success. He will deliver trends seen in both used-vehicle and subprime financing, share insights of how the in-store to online financing process has begun to transform the way consumers conduct their vehicle purchase, and also review what is in store for 2015. 

Collins’ presentation is one of the many highlights of the SubPrime Forum, an event orchestrated in partnership with the National Automotive Finance Association.

This three-day conference will provide data, knowledge, insight and powerful business networking opportunities to spur innovation and drive growth in the growing subprime auto finance marketplace. Presented by SubPrime Auto Finance News and SubPrimeNews.com, and in affiliation with the NAF Association, the event will offer a best-in-class forum for executives and thought-leaders in the auto finance vertical.

The SubPrime Forum is set for Nov. 10 through Nov. 12 at the Red Rock Casino, Resort and Spa in Las Vegas. It’s a part of Used Car Week, which includes the CPO Forum, the Re3 Conference and the National Remarketing Conference.

All member-company staff of the NAF Association are $100 eligible for a discount of off the standard registration fee for the SubPrime Forum. Use discount code NAF2014 when registering.

Also, be sure to make your hotel reservations at the Red Rock Casino, Resort and Spa before Oct. 17 to secure your room at the exclusive conference rate of $195/night.

Click here for additional information regarding the SubPrime Forum, including the agenda, scheduled speakers and exhibitors.