NADA CEO Mike Stanton
Supports the FTC’s move to focus on “reprehensible” unfair and deceptive dealership practices but also states that the proposal (as it stands) would end up banning certain F&I coverage and physical add-ons which are “completely unwarranted, redundant, and ineffectual requirement.” He also asserts that the changes are unsubstantiated and will result in a customer experience that is “much more complex and inefficient”.
Shannon Robertson, Executive Vice President of the Association of Finance & Insurance Professionals
Believes that AFIP-certified dealers who adopt solid practices should not have any surprises and should be protected in all scenarios.
Former FTC Regulator
Believes the burden will be on the dealer AND the consumer, further extending the time it takes to purchase a vehicle. “More paperwork is not the solution.”
Watch the Automotive News discussion with industry experts Jean Noonan and Shannon Robertson as they explain what the FTC’s proposed new rules would mean for dealerships.