Compliance expert lists four shortcuts no sales or F&I professional should take in 2020. Spoiler alert: Forging the customer’s signature is still a federal crime.
Compliance guru outlines the simple steps every dealer must take to avoid violations of federal OFAC, Used Car, Red Flags, and IRS standards — and the steep fines that accompany them.
The magazine’s compliance guru breaks down the Federal Trade Commission’s final revisions to the Used Car Rule. His message to dealers is don’t overthink it.
The Federal Trade Commission announced last week final amendments to its Used Car Rule. It noted that its amended rule permits dealers to use their remaining stock of Buyers Guides for one year after the effective date of the amended rule.
After being warned that it was failing to adhere to the FTC’s Used Car Rule, the Abernathy Motor Co. was charged with not displaying a Buyers Guide on used vehicles offered for sale. Each violation could result in a civil penalty of up to $16,000.
The FTC warned 11 used-car dealers in Jonesboro, Ark., that they’re violating the Used Car Rule. Eight of the dealerships failed to display Buyers Guides on used vehicles for sales, while three failed to display notices on a ‘significant number’ of cars.
Consumer advocates and state regulators say the FTC doesn’t go far enough in its proposed changes to the Used Car Rule. They want dealers to include vehicle history reports on the Buyers Guide window stickers.
The FTC is proposing changes to the Used Car Buyers Guide. But the commission made clear it is not looking to burden dealers with its proposed modifications.
media brand
The secure and easy all-access connection to your content.
Bookmarked content can then be accessed anytime on all of your logged in devices!
Already a member? Log In