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A federal grand jury has charged a Kentucky dealer and two alleged accomplices with defrauding a manufacturer — thought to be Toyota — of more than $4 million by running 350 used pickups through a consumer buyback program.
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The shady practices dealers and F&I professionals once bragged about are now landing many in jail. Compliance expert lists three forms of fraud you can eradicate immediately.
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Hyundai North America has sued a Pennsylvania dealer for fraud, claiming he bilked the automaker for $5 million by buying up hundreds of used Sonatas and purposely damaging their engines beyond repair.
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FCA US and Fiat Chrysler Automobiles will pay $40 million to settle charges leveled by the SEC, which accused the automaker of misleading investors by falsifying monthly sales reports to maintain the appearance of monthly gains.
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The office of California Attorney General Xavier Becerra has charged the 10-rooftop Paul Blanco’s Good Car Co. with credit application fraud, payment packing, and false and deceptive advertising.
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Shiraaz Sookralli faces 20 years in prison after admitting to charges of fraud and embezzlement relating to a multimillion-dollar scheme to sell nonexistent Porsches from a South Florida dealership.
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Synthetic identity theft is wreaking havoc among American retailers. Compliance guru offers a buyback prevention checklist for dealers and F&I professionals.
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If your bottom line is falling short of your expectations, bad money management could be to blame. Operations expert offers five common bad practices you can end today.
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Six operators of a nonexistent auto finance company have been sentenced to federal prison or probation for fraudulently obtaining $1.7 million worth of loans from banks and credit unions.
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Hoover Mitsubishi’s Mark Hoover has sued two former employees accused of doctoring auto loan applications, a scheme that led to an FBI raid and the shuttering of the dealership.
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