IAS News and Press
IAS ANNOUNCES AUDITING SERVICE FOR SMARTEYE CUSTOMERS
SmartEye's F&I Witness auditing service provides dealerships a verification tool to help ensure compliance and proper disclosure during every F&I transaction.
May 10, 2005
Austin, Texas - May 10, 2005 - IAS, the leading provider of revolutionary F&I software programs, today announced that their SmartEye digital recording software offers an auditing service called SmartEye F&I Witness - ushering in the next chapter of F&I compliance.
"Video taping an F&I transaction only works if someone actually watches the video," said Bobby Archambault, director of F&I training, IAS. "Most F&I directors, general managers and dealers would like to be able to evaluate their F&I staff but end up not having the time or resources to implement an auditing practice."
The SmartEye F&I Witness service ensures that proper disclosure and compliance steps were taken by performing a video analysis of a random sampling of transactions at a given dealership. Dealerships choose a set of specific questions and IAS performs the analysis of up to fifteen transactions per F&I manager per month. F&I Witness helps dealerships reduce compliance risks and automate the review process by providing dealerships with a monthly report on all transactions reviewed. This security package also leverages the benefits of other compliance measures that are in place at the dealership by ensuring that they are utilized on a regular basis.
"Legality and compliance matters continue to be a pressing issue and it is critical that dealerships take control of minimizing their risks. Many dealerships across the country have already chosen to keep an eye on their F&I transactions with our SmartEye NET monitoring software," said Bob Corbin, president, IAS. "Utilizing the F&I Witness service in conjunction with SmartEye is the ultimate security package for dealers interested in protecting their dealership investment. The security and ease of use of this new service is unparalleled in the industry today."
Once a dealership has chosen to monitor their compliance efforts in the F&I department with the SmartEye NET digital monitoring software, the dealership provides a list of specific items that are to be covered with each customer before delivery of the vehicle. The SmartEye F&I Witness staff audits a random sampling of up to fifteen F&I transactions per manager per month to ensure that all items were covered with every customer via a custom dealership survey.
Dealers may choose up to five key questions to ask customers. These questions can be customized for each dealer, and include questions such as:
- Did the finance manager present a menu to the customer?
- Did the finance manager confirm the customer name, address, and social security number?
- Did the finance manager perform a full disclosure of the audio/video recording?
- Did the finance manager confirm the customer income?
- Did the finance manager review the CSI survey with the customer?
"We currently have over 100,000 F&I transactions stored on our SmartEye NET servers being utilized for training and monitoring," said Matt Nowicki, director of information technology, IAS. "The F&I Witness service is a natural addition to SmartEye NET, as it provides dealers with an inexpensive and reliable way to verify that F&I Managers perform transactions in a compliant, professional, and profitable manner."
Results are compiled in a custom report delivered automatically via e-mail so that dealerships can accurately assess their F&I departments in a timely and efficient manner.
Pricing and Availability:
The SmartEye F&I Witness service is available immediately to all IAS SmartEye NET customers. The base price of the service is $50 per F&I manager per month.
About IAS
Innovative Aftermarket Systems (IAS) is the leading provider of F&I aftermarket programs to automotive dealerships. IAS offers a variety of products including, GAP, Invisible Phantom Footprints, Theft Avert, Super Polysteel, The Preferred Advantage, R.O.A.D. InTire, among others. Additionally, IAS' flagship software suite, SmartDealerProducts, provides revolutionary F&I software solutions for dealerships and their customers. IAS' training department, SmartDealerUniversity, provides ongoing training and feedback to ensure continued penetration, ethical presentations and increased profits for IAS dealership customers. Headquartered in Austin, Texas, IAS has hundreds of certified agents throughout the United States and provides technology solutions and aftermarket products for many of the top-100 dealer groups. For more information, please visit www.iasdirect.com.