AUSTIN, Texas -

Along with revamping its tire-and-wheel coverage plan, F&I program provider RoadVantage recently unveiled a Web-based compliance management system (CMS) that can help dealers ensure their practices are compliant with standards set by the Consumer Financial Protection Bureau.

RoadVantage explained that according to the CFPB, elements of an effective compliance program include written policies and procedures, verifiable training on policy and compliance, monitoring and corrective action measures to ensure accordance with policies, a track-able complaint resolution system, and periodic review, revision and written reports via independent and third-party audits.

“The CFPB has stated that it expects to see a Compliance Management System in place in every supervised entity,” RoadVantage chief executive officer Garret Lacour said. “The RoadVantage CMS offers a straightforward, effective way for dealers to address this need.”

Created by attorneys specializing in dealership defense, the Web-based RoadVantage CMS is a comprehensive solution that can addresses these elements through four major components:

— Policy management

— Online compliance training

— Complaint resolution system

— Third-party compliance audits

“The recent industry events involving the CFPB mean it’s more important than ever for dealerships to ensure they have a compliance system in place,” said compliance expert Gil Van Over, president and founder of gvo3 and Associates, a nationally recognized compliance consulting firm. “The RoadVantage CMS offers the framework to help dealerships ensure they are meeting CFPB requirements.”

RoadVantage senior vice president of sales Randy Ross added, “Dealerships are looking for a turnkey compliance solution that integrates with existing practices and enables dealers to easily evaluate and demonstrate compliance.

“Because the RoadVantage CMS is an online tool, it offers a convenient way to foster compliance,” Ross went on to say.

For more details, visit RoadVantage online at www.roadvantage.com.

RoadVantage Outlines New True Coverage Offering

In other company news, RoadVantage also unveiled on Monday a solution called True Coverage, what officials described as a fresh approach to F&I that can simplify contract language and reduce the exclusions that typically cause claims headaches for dealerships and their customers.

With True Coverage, RoadVantage’s Tire & Wheel programs now can streamline complex contracts and eliminate several exclusions that often create problems for dealers and agents, including construction zones, metal plates on the road, tire pressure monitoring sensors, snow tires, car washes and more.

“True Coverage is an exciting development in automotive ancillary product coverage,” said Charles Brown, an independent agent and owner of Superior Automotive Co. “This can considerably reduce dealer service headaches by covering what customers already expect to be covered. It’s another example of how RoadVantage is raising the bar.”

RoadVantage has applied True Coverage to its entire product line including the Vantage Preferred multi-option bundles, which also include coverage for hail damage, cosmetic damage to hubcaps, aftermarket wheel coverage with no surcharges, cosmetic damage on chrome wheels with no limits, replacement for wheels with cosmetic damage, and a replacement-only program for tires.

“This type of coverage is not available in the industry today,” Lacour said. “With True Coverage, we’ve taken the bold steps to streamline complex contracts and remove the exclusions that commonly cause problems.

“True Coverage is another advancement in our continuing quest to provide the best customer experience available in the industry today,” Lacour went on to say.