More restrictive regulations and enhanced enforcement are likely on the horizon for the auto industry under President Joe Biden, which could have a significant impact on the nation's dealers. But maintaining proper procedures and managing compliance programs in the finance and insurance office should ease anxiety provoked by any uptick in federal scrutiny.
Experts from the National Automobile Dealers Association as well as several industry advisers spoke last month on a stack of concerns awaiting the vehicle finance sector and what can be done to prepare as the new administration and Congress settle in and consider changes in their regulatory and enforcement priorities.
"You've got the perfect storm of lack of enforcement shifting now with a new administration," said Clayton Friedman, a partner at Crowell & Moring law firm in Irvine, Calif.