Allow us to help you get GLBA compliant
December 9th 2022 is just around the corner and all auto dealerships must be compliant by this date. Allow us to help you become compliant now!
The GLBA consists of two parts: the Privacy Rule and the Safeguards Rule.
- The Privacy Rule is concerned with how your dealership shares information about customers who obtain or apply for credit or lease products from your dealership.
- The Safeguards Rule addresses how your dealership protects information about your finance and lease customers. It requires you to develop, implement and maintain a comprehensive written information security program.
The GLBA essentially requires auto dealers to pay close attention to how you collect, store, share and protect consumers’ personal and financial information. Data protection and customer confidentiality are a top concern in today’s marketplace, and failure to comply with GLBA comes with large penalties. Financial institutions (including dealers) found in violation face fines of up to $100,000 per violation. Individuals in charge can face fines of $10,000 for each violation and can be put in prison for up to 5 years.