Automotive technology provider Mad Devs has introduced swift updates to its iStoreDOCS platform following a Court of Appeal decision that impacts how finance commissions are disclosed in dealer transactions.
The ruling, issued on 25 October, clarified the need for stricter compliance in the disclosure of finance commission details, leading automotive dealers and finance providers to re-evaluate their procedures.
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Within days of the decision, Mad Devs said it implemented enhancements to its cloud-based iStoreDOCS platform, enabling dealers to integrate finance commission disclosure documents directly into the transaction process. The platform’s features include a complete audit trail to document customer actions, allowing for streamlined compliance and transparency.
Mad Devs’ Sales Director, Dan Rea, noted, “The ruling created significant challenges for dealers and their finance providers, prompting us to act quickly. By updating iStoreDOCS, we’re enabling dealers to reinforce compliance measures effectively while maintaining operational efficiency.”
The iStoreDOCS platform is designed with advanced encryption technology, providing a secure environment to manage sensitive customer data and uphold compliance requirements. Dealers using iStoreDOCS now benefit from an improved compliance rate due to these procedural updates.
The company, which operates across 1,800 sites globally, supports dealerships by enhancing sales conversion rates and adherence to regulatory standards. Mad Devs’ digital solutions are widely adopted by UK dealers and internationally, with over 260,000 customers served globally through the platform.
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