NADA recently added an updated Dealer Guide to Preventing and Detecting Fraud to its suite of dealer educational products. Citing statistics indicating that a company will lose 5% of its revenues due to fraud and that the perpetrators are often the company’s own employees, the Driven guide’s authors, Dan Cheyney and Lewis Fisher of Moss Adams, LLP, provide a detailed overview of how fraud may occur in the various departments of a dealership—and they describe the internal controls that dealerships can institute to help prevent, detect, and correct it. The guide also examines related topics including what to do if you discover fraud at your dealership and important insurance coverage considerations.
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