Body Shops to Receive E-Commerce Risk Ratings
Correction: As originally published, the context surrounding this article was ambiguous. It stated that Government Regulatory Compliance was "selected" to evaluate a rating systems for body shops—but that was misleading, as the article never states whom Government Regulatory Compliance has been selected by. It is actually ran a private enterprise, and not any federal government agency.
Dec. 13, 2017—Government Regulatory Compliance, LLC., a consulting firm in Reno, Nev., has been selected by a private enterprise to evaluate new e-commerce risk rating systems that offer a secondary screening measure for vendors, lenders and insurers within the automotive aftermarket, including body shops, car dealerships, their vendors and insurance partners.
This new system is scheduled to be effective in all 50 states by 2019.
The rating system will also be available to the public so consumers can access the data, just like credit ratings.
"Credit risk scoring models are built to predict the likelihood that a business may become delinquent in payments.The compliance risk scoring models, by contrast, are built to predict the likelihood that a company may become negligent in regulatory requirements,” says Steve Schillinger, the lead consultant overseeing the venture.
“The Property and Casualty Insurers Association of America (PCI) recently posted new e-commerce laws that expand access to insurance information by adopting electronic posting of insurance policies," he adds. "Now there is a growing number of states that are embracing the idea of allowing consumers to have greater electronic access to automotive service and repair shops' insurance information."
Schillinger says that top operators won’t be concerned by this system because they’re already compliant and operating within the law.