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The FTC voted 5-0 against a further deadline extension after receiving approximately 2,400 comments.
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The Federal Trade Commission has proposed new regulations that target dealership ads and F&I practices.
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The National Automobile Dealers Association has challenged the Federal Trade Commission's proposed rules on dealership advertising and finance and insurance.
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The FTC hopes the proposed rule will save consumers time and money and ensure a level playing field for honest dealers.
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If an agent cannot fulfill the new requirements, the FTC has an answer: fire that agent and find one that can.
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Industry analysts suggest it could cost dealers hundreds of thousands annually to comply with the new rules.
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Agency updates Safeguards Rule to better protect the American public from breaches and cyberattacks that lead to identity theft and other financial losses.
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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.
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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.
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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.
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