What does the new FTC proposal mean for your business?
Get Insights From EFG.
On June 27, 2022, the Federal Trade Commission voted 4:1 to go beyond existing federal advertising laws and federal prohibitions on unfair and deceptive dealership practices, issuing a new proposal on July 12, 2022. The FTC is collecting opinions, responses, and concerns with a submission deadline of September 12, 2022 (60 days after the announcement).
As your F&I partner, EFG has reviewed the proposal in detail, and has developed a recommended course of action for its client partners. It is critical for dealers like you to engage with the FTC right now and share your opinions. Those opinions should be shared here as soon as possible.
Browse the resources below to keep you in the know.
Proposal Category Details and
Questions to Ask the FTC
Let us know if you need any help with today’s compliance, training for your team or putting a future compliance plan in place. Whether the regulations change or stay as is, EFG is here for you!
Sources
Motor Vehicle Dealers Trade Regulation Rule
Read the entire proposal from the FTC and get key contact information for Daniel Dwyer or Sanya Shahrasbi, both of whom represent the Division of Financial Practices for the Bureau of Consumer Protection at the Federal Trade Commission.
Federal Register/Vol. 87, No. 133/Wednesday, July 13, 2022
Download the PDF of the full 2022 Motor Vehicle Dealers Trade Regulation Rule.
NADA Data 2021 Annual Report
The 2021 NADA Data report features the many major milestones achieved by the retail auto industry during the year.
What the FTC’s proposals on car dealer ads, F&I mean
The proposed Federal Trade Commission regulations on car dealers go beyond existing federal law and offer more specificity than the law that forbids unfair and deceptive dealership practices.
No longer a smooth drive: How automobiles’ role in the US economy has evolved
Automobiles have long been a crucial part of the US economy—as well as a symbol of the American way of life. However, over time, the industry has lost some of its shine.
LIVESTREAM
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.
FTC proposal on saving records ‘extreme’
NADA called the potential new Federal Trade Commission document retention regulations “extreme.”
The content contained in this website is informational only and not for the purpose of providing legal advice. Please contact your attorney to obtain advice with respect to any particular issue or problem.