Are You Ready For The June 9th, 2023 Deadline?
The FTC's revised Safeguards Rule goes into effect on June 9, 2023. Dealers must comply with a host of new requirements or otherwise face penalties of up to $46,517 per violation. Let Lotus Management Services do the hard work and keep your dealership GLBA compliant for a fraction of that cost.
There is no question that dealerships collect significant personal information about their customers. This can include names, addresses, phone numbers, social security numbers, and credit and financial information. The Gramm-Leach-Bliley Act Safeguards Rule now requires dealerships to protect this consumer information from unauthorized access, fraud, or misuse.
While some dealerships (specifically those that retain less than 5,000 customer records in total) may be exempt from some, but not all, of these regulations, it is important for all dealerships, no matter type or size, to know which regulations apply to them and plan accordingly. In implementing the above regulations, dealers must consider all aspects of their operations, including employee training, information systems, managing system failures, and more.
Click here to view the Safeguards Rule requirements. Does your dealership comply with all of these regulations? If you’ve never specifically planned to review and address the GLB Safeguards requirements, the answer is almost certainly no. To learn more about automotive compliance and get started auditing and improving your dealership’s compliance operations, contact us today.
