Tom Kline - Navigating Dealership Dynamics - Risk Management - Insurance & Compliance Insights

Ever thought about the intricate dynamics of running a car dealership? Tom Kline, a seasoned compliance and risk mitigation consultant, with a family history in the car business dating back nearly a century, is here to take you on a ride, sharing his experiences with eccentric customer stories and indispensable advice for novices in the industry. We also discuss the complex relations between manufacturers and dealers, and the ripple effects of shifting trends in the industry.The crux of our conversation revolves around risk management in dealerships. Did you know that a clean restroom at McDonald's can drastically improve the customer experience at a dealership? Intrigued? We will decode this analogy for you. Also, we delve into the two main risk sources in dealerships – customers and employees. Tom will walk us through practical ways of identifying these potential risks and how to nip them in the bud. And if you're thinking insurance policies are just a necessary evil of the business, think again! We shed light on how comprehending your insurance policy can be a game-changer, saving you from avoidable expenses and unnecessary heartaches. We also discuss some astonishing cases of dealership fraud which underline the necessity of compliance in risk management. So, buckle up as we navigate the often overlooked aspects of the automotive industry. You'll come away with fascinating insights and practical tips to ensure the smooth journey of your dealership.Support the show