Note: The FTC deadline for compliance with some of the Safeguards has been extended 6 months to June 9, 2023. Read more.
As the December 9th deadline approaches for dealerships to comply with the amended FTC Safeguards Rule — are you ready? Every year, dealerships are fined millions of dollars for not following government regulations around accessing and handling customers’ sensitive credit data.
Your dealership may need to implement significant changes to your information security program as required by the recently amended GLBA Safeguards Rule to ensure compliance.
AutoFi is here to help
AutoFi’s commerce platform enables dealers to more efficiently and effectively sell cars whether online, over the phone, or in the showroom. The good news is that AutoFi, as one of your service providers, can help you secure your customers’ data and mitigate compliance risk by helping you meet some of the requirements within the amended FTC Safeguards Rule. This is validated through our SOC 2 Type II certification which provides 3rd-party external auditing and certification of our security, availability, processing controls, confidentiality, and privacy procedures around handling customer information.
Where should you start?
We know that as a dealer you want to focus on what you do best: selling cars. However, compliance with federal and state privacy laws is a must for your business. The deadline to comply with the Safeguards Rule’s amendments is fast approaching on December 9th, and your dealership has to begin evaluating whether you are covered, and if not, what needs to be done to come into compliance.
Reach out to us with any questions and if you’re not an AutoFi dealer, book a demo today!
*For specific guidance on your compliance obligations under Gramm-Leach-Bliley Act and the FTC’s implementation regulations, consult your legal counsel. AutoFi is providing this as a general overview of the AutoFi Platform in relation to AutoFi’s role as a Service Provider under GLBA, not as legal advice.