Recently, NADA issued A Dealer Guide to Federal Records Retention and Reporting, available for NADA members to download online at Franchised dealerships generate a great deal of information, some of which must be retained or reported for business or contractual reasons, and some to fulfill federal, state or local regulatory requirements. Appropriate record keeping and reporting must also be considered in the context of litigation and other risk. A Dealer Guide to Federal Records Retention and Reporting outlines current federal requirements from the federal agencies that regulate dealership operations, and includes additional suggestions and countless references for further information.
This Driven guide is an indispensable compliance aid; dealers should consult it when working with legal counsel and other professional advisors in establishing dealership record keeping policies and procedures. Areas covered include Department of Labor, Department of Homeland Security, Department of Transportation, Environmental Protection Agency, Equal Employment Opportunity Commission, Federal Communications Commission, Federal Trade Commission, IRS, and the Small Business Administration. The guide also addresses what format is acceptable in which to keep and submit records. While most dealerships keep some records in electronic format and some in hard copy, questions often arise regarding which format is acceptable.