Kevin Hurst offers a gotta-have online product for auto dealerships. Or so he and his partners thought.
Instead, their fledging firm, Infinity Compliance, has stumbled in trying to draw dealers’ interest in software created to help them comply with a long list of federal regulations.
Those range from Red Flag rules, intended to thwart identity theft, to anti-money-laundering legislation, which requires dealers to notify the Internal Revenue Service of customers who pay for cars with cash.
To his consternation, Hurst has learned that few dealers feel the need to follow all of those rules.
“Dealers are interested in selling cars and making money,” he tells me. “Put simply, they don’t want to be bothered with government regulations or anything else that interferes with that selling activity.”
Read Article