Dealers who ignore the so called “Red Flag Rules” under the fair and accurate transactions act (FACTA) might just as well waive a red flag in front of the nearest angry bull” (Compliance: No Need to See Red, Nov. 1, by Peter A. Salians, Dealer Business Journal).
For those who have been hibernating, or selectively procrastinating, November 1, 2008 quickly approaches. On November 1, 2008, the Federal Government expects your dealership to be compliant with the red flag rules; NOT GETTING AROUND TO DOING SOMETHING ABOUT IT.