F&I Express recently launched what’s being dubbed CompliPrice, a cloud-based tool aimed to help stores ensure profits on aftermarket insurance products are compliant with dealer and finance companies compliance policies, and potential guidelines from the Consumer Financial Protection Bureau.

The company highlighted that CompliPrice, when combined with F&I Express’ eContracting platform, is geared to provide F&I managers with built-in functionality to ensure contracts comply with CFPB policies.

“In today’s tightly regulated environment, automobile dealers and their F&I departments are under tighter scrutiny than ever,” F&I Express chief executive officer Brian Reed said. “CompliPrice provides an important tool to quickly determine the maximum profit margin on any contract and ensure that it meets CFPB criteria.”

F&I Express integrates a large network of aftermarket product vendors, making their product and pricing information easily accessible to dealership F&I departments.

With F&I Express eContracting and CompliPrice, Reed insisted dealers can tap into the vendor network to quickly and efficiently determine the maximum margin on any aftermarket product sold.

The company went on to mention that dealers can set their maximum margins based on a percentage or a flat dollar markup. They also can set their system to override the maximum margins, however an alert will be sent to the dealer compliance officer, or other designated dealer employee, for override reason documentation.

“Manually checking each contract for compliance would be a laborious, cumbersome and expensive process for any auto retailer,” Reed said. “But, not checking opens up the dealership to liability.

With CompliPrice, F&I managers can have peace of mind and still have a quick, customer friendly closing process,” he went on to say.

More information can be found at www.fandiexpress.com/compliprice.