19 continued on page 20 only sell the vehicle at its higher current market value. This is OK if: A. You use a disclosure in your ad that the customer may pay a higher price because of market conditions. B. You disclose the higher price in fine print in the ad and break out the elements, including a sales commission fee that justifies the price increase. C. You advertise vehicles you do not have available, planning to offer higher-priced vehicles when the customer comes in. D. None of the above. 5. You are careful to obtain a completed I-9 form from every new employee. You have studied the form carefully, and you know the document or documents that are most effective to prove the new hire’s identity and authorization to work. To keep your records clean, you tell the new hire what he should provide to prove those facts. True or False? 6. You offer a comprehensive warranty that covers all mechanical and electrical systems of the used vehicles you sell, which is much better than anything provided by your competitors. You may mark on the FTC buyer’s guide that you are offering a “FULL” warranty to show your warranty’s coverage is superior. True or False? 7. Besides vehicles in your used vehicle inventory, what vehicles should have an FTC buyer’s guide: A. New vehicle demonstrators. B. Used vehicle demonstrators. C. The spouse of the dealer’s demonstrators. D. All of the above. 8. The FTC and the CFPB have both changed dramatically from the days of the Trump administration. Both are once again led by bureaucrats critical of dealer F&I practices. A dealer concerned about federal enforcement should have in place: A. A fair lending program under which F&I personnel commit to treat all customers equally. B. A program for sale of voluntary protection products based on a menu. C. A fair lending program that establishes a starting point for rate and provides for downward rate deviations for non-discriminatory reasons. D. A program for sale of voluntary protection products that sets prices for VPPs and provides for downward price deviations for non-discriminatory reasons. In the last six months, we have reported on best practices you should adopt for your dealership operations. This quiz tests how carefully you have given attention to the suggestions.
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