Howard Schultz, founder of Starbucks, said “I believe life is a series of near misses. A lot of what we ascribe to luck is not luck at all. It’s seizing the day and accepting responsibility for your future. It’s seeing what other people don’t see and pursuing that vision.”
For decades the automotive and collections industries have been free to act without supervision or oversight. Since the passage of Dodd Frank and enforcement by the CFPB and other governmental agencies hopefully the days of the “Collections Wild West” are over. Many within the auto financing and collection sector are admitting guilt and paying large fines, or being investigated for acts of discrimination/bias against minority and women buyers. As new sections of the law come into being, these fines will only grow!
The time has come to embrace the future and move forward.
GSF Remarketing has embraced the new laws and compliance/regulatory environment, as an opportunity to examine our business practices. Since embracing and adopting the new law our team has seen a growth beyond expectation! We’ve instituted flat rate pricing, no hidden charges/fees, no agreements with auctions and open book polices. By simplifying our process we removed all self-imposed barriers, which limit both customers and the remarketing process.
Compliance can be pain or opportunity?