News

Summer 2015:

"At April's Midwest Compliance Summit in Chicago, dealers, executives and attorneys gathered to discuss and debate best practices for front-end compliance and the regulatory pressures brought by federal regulators, including the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB), as well as state attorneys general and consumer advocates.

Throughout the day-long slate of featured presentations, panel discussions and Q&A sessions, the F&I menu came up again and again. In the vast majority of cases, it was described as a compliance measure — one that preceded the current economic climate by more than a decade.

This comes as no surprise to Ken Tomaro, president and CEO of OptionSoft Technologies, who enjoyed a successful tenure on the retail side before founding his Clifton Park, N.Y.-based dealer software provider.

“When I started the business in 2003, we sold it as a compliance tool. We sold a lot of ‘fear’ back then,” Tomaro recalls. “Then we would say, ‘And as an added benefit, you’re going to sell more product.’ Now the emphasis is more on product sales and less on compliance. … In the end, it will do both, whether it’s my menu or someone else’s menu. You can be compliant and still sell.”

P&A magazine sat down with Tomaro, Jim Maxim Jr. of MaximTrak, Brian Reed of Intersection Technologies and F&I Express, and The Impact Group’s Mark Thorpe to discuss the evolution of the menu as a sales and compliance tool, advancements in the technology, including new and upcoming functionality, and how the segment will serve agents and dealers as the sales and F&I process adapts to a changing world."

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