Pub. 19 2020-2021 Issue 3

N E W J E R S E Y C O A L I T I O N O F A U T O M O T I V E R E T A I L E R S I S S U E 3 | 2 0 2 0 20 new jersey auto retailer OUTSOURCING DOCUMENT MANAGEMENT PROTECTS DEALERSHIPS The challenge of meeting legal compliance issues, data security and protecting reputation are all benefits of outsourcing document management BY MICHAEL DACHILLE Dealerships are required by law to maintain a qualified Compliance Management System. Meeting the legal requirement is essential. But equally important is protecting your dealership from potential lawsuits, damage to your reputation, or triggering continuous audits. One mistake is all it takes to harm your dealership. It is already challenging to manage your dealership in a continually changing environment. The COVID-19 pandemic has made it even more difficult. Employ- ee turnover and the training required for new employees add to the stress. That is why it so difficult to maintain the consistency needed to maintain accurate Document Management for those han- dling it in-house. Most Document Services Platforms include a Compliance Management function but require a significant effort to record information. That is why NJ CAR has partnered with AutoTrieve to help dealers meet compliance requirements and streamline the process. Many of the documents created at deal- erships contain customers’ personal and financial information. Having a secured Document Management services plat- form protects this information and serves dealerships in many other ways. The pro- cess of secure-scanning documents pro- tects clients’ data and protects businesses from unnecessary audit penalties resulting from non-discoverable documentation. The FTC’s current penalty for breach of customer personal and financial infor- mation is $42,500 per event, per day. Manufacturer audits focus on a variety of specifics within Repair Orders and Deal Jackets. For dealerships to achieve compliance with the voluminous amount of documen- tation generated, it is essential that a Doc- ument Management services platform is