By Trey Latham - August 29, 2022
The laws surrounding how we should collect and use personal data about individuals is set to change very soon. And that’s big news for car dealerships, large and small. The original Standards for Safeguarding Customer Information took effect in 2003 but the FTC amended it in 2021. These latest changes will take effect December 9, 2022.
It’s meant to ensure that entities covered by the Rule maintain safeguards to protect the security of nonpublic, personal customer information. This includes but is not limited to sensitive information, like SSN and DOB.
How will it affect Dealers: Amongst other potential changes, a dealership would need to create an information security program. A lot of your compliance will start and end with your DMS. It’s imperative to understand how your DMS is and isn’t helping to meet these requirements. If you’re not using Deal Pack yet, you may be at a higher risk of compliance failure.
With Deal Pack:
These are just a few examples of how your DMS can greatly affect your likelihood of compliance in an ever-changing industry. To learn more about Deal Pack or to schedule a demo, please call 800-526-5832 or email support@abcoa.com.
ABCoA is a Software-as-a-Service company dedicated to the subprime industry. Our cloud-native ecosystem handles every part of business operations - improving productivity, security and accuracy, while consolidating vendors and reducing costs.
Since 1983, ABCoA has helped buy here pay here used car dealerships and subprime finance companies eliminate duplication, remain compliant, and achieve success with complete, customer-driven software and dependable support. Customers properly using Deal Pack have never lost an IRS audit.
Recently awarded Top Online Accounting Software for Deal Pack, ABCoA continuously elevates the standard for software in the subprime industry and helps customers grow through our commitment to quality, innovation, and service. Headquartered in Jacksonville, Florida with employees across four states, we remain family-owned and operated.
To learn more about ABCoA, visit www.abcoa.com.
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