While GWC Warranty isn’t suggesting that dealers need to have a law degree to retail used vehicles, the F&I product provider revisited eight crucial regulations operators should understand to do business in a compliant manner.

Reviewing the basics of these eight regulations might be even more beneficial now with experts projecting an intensifying landscape under the Biden administration and new leaders at both the Consumer Financial Protection Bureau and the Federal Trade Commission.

The eight regulations GWC Warranty specified in a blog post on the company’s website included:

— Americans with Disabilities Act

— Gramm-Leach-Bliley Act

— California Consumer Privacy Act

— Used Car Rule (Buyer’s Guide)

— Equal Credit Opportunity Act

— Fair Credit Reporting Act

— Truth in Lending Act

— Magnuson-Moss Warranty Act

“It’s no surprise to anyone in the industry that automotive dealers are some of the most regulated businesses in the United States. Understanding your legal obligations and the government regulations that impact your dealership can save you thousands of dollars, not to mention severe legal penalties,” GWC Warranty said.

“It’s more important than ever to make compliance a focus of your dealership operations,” the F&I provider continued. “There are complex regulations in place to protect both consumers and your dealership at every step of the sale. Understanding those details can make all the difference when it comes to preventing violations, avoiding a hit to your reputation and hefty fines.”