Recent revisions to the federal Safeguards Rule cement the need for a compliance officer in every dealership. Whether their duties are performed by an employee or outsourced, satisfying the new requirement is going to cost your store thousands of dollars per month.
August 29, 2019
The operators of websites that sold fake pay stubs and other financial documents have agreed to permanently shut down their business as part of separate settlements with the Federal Trade Commission, the regulator announced this week.
September 19, 2018
Attorney Eric Johnson fields questions about the state of the CFPB, the now fully staffed FTC, and the aggressive stance of state attorneys general. He also offers a critical update on the Military Lending Act.
August 6, 2018
According to the regulator, this was the FTC’s first action alleging income falsification by dealerships. Charged are the owners of Tate’s Auto Group, which operates four dealerships in Arizona and New Mexico, near the border of the Navajo Nation.
August 2, 2018
The compliance sweep, which took place in seven states, is the first since the agency's new Used Car Rule took effect earlier this year. Dealers who failed to comply could face penalties of up to $41,484 per violation.
July 12, 2018
On June 6, Hudson Cook LLP attorney and partner Eric Johnson will join F&I and Showroom’s Gregory Arroyo for Part 1 of the magazine’s compliance webinar series. He will examine the likely candidates to take up the CFPB’s torch, and explain why F&I product pricing isn't out of the regulatory woods just yet.
May 15, 2018
The federal Do Not Call Registry is not without its flaws, but dealers are nonetheless bound by its rule. Compliance expert offers a primer for sales and BDC managers.
May 7, 2018
The regulator had charged in an administrative complaint that the proposed sale violates federal antitrust laws. The two companies subsequently announced they are abandoning the proposed merger. Auto/Mate officials said the technology company is no longer for sale.
March 20, 2018
Dealer compliance expert offers a crash course in detecting and preventing identity theft by fake car buyers and unprincipled employees.
March 8, 2018
The approval settles the FTC's December 2017 complaint against Dallas-based Cowboy Toyota regarding its Spanish-language newspaper ads. The regulator charged the dealership with violations of the FTC Act, TILA and the Consumer Leasing Act.
January 25, 2018
The Southern California-based dealer group was charged with violating a 2014 administrative order prohibiting it from misrepresenting in advertisements how much consumers could pay to finance or lease a vehicle.
November 6, 2017
A reader wonders if a scenario exists where trading rate for product doesn’t cross that invisible legal line. The magazine’s resident F&I pro weighs in.
May 2, 2017
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.
April 11, 2017
The Federal Trade Commission last week approved settlements with CarMax, Asbury Automotive, and West-Herr Automotive Group, which the regulator charged with failing to disclose that some pre-owned vehicles offered for sale had unrepaired safety recalls despite the companies' claims of rigorous vehicle inspections.
April 6, 2017
In his new book, the attorney traces actions over the last five years by the Consumer Financial Protection Bureau and the Federal Trade Commission. It addresses the government's war on several fronts, from advertising and discrimination to disclosure requirements and other everyday compliance issues.
February 16, 2017