The FTC hopes the proposed rule will save consumers time and money and ensure a level playing field for honest dealers.
If a dealer can provide their paper trail to a regulator or jury, it should demonstrate that the consumer indeed made informed decisions throughout the process and there was no deception intended.
Commission unanimously finds Traffic Jam Events violated the law with false claims about affiliation with government stimulus program and deceptive prize mailings.
The Act directs agencies to implement annual inflation adjustments based on a prescribed formula.
Industry analysts suggest it could cost dealers hundreds of thousands annually to comply with the new rules.
Agency updates Safeguards Rule to better protect the American public from breaches and cyberattacks that lead to identity theft and other financial losses.
Implementing pricing guidelines is not a guarantee that the regulators will stay away, but properly implemented and managed, it should provide a plausible defense of your F&I pricing practices.
The FTC recently issued a report that summarizes its enforcement actions, roundtable findings, consumer workshops, and in-person interviews with 38 Washington D.C. metro-area consumers focused on deceptive advertising practices, spot-delivery, and voluntary protection products.
National Automobile Dealers Association officials have told the FTC that proposed new provisions to the Safeguards Rule may be unnecessary and could cost smaller dealers more than $400,000 in the first calendar year of enforcement.
A 2016 cyberattack laid bare the personally identifiable information of about 12.5 million customers of 130 U.S. dealerships, according to a Federal Trade Commission bulletin announcing a consent agreement with dealer software provider DealerBuilt.
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