The Federal Trade Commission and Maryland Attorney General have charged Lindsay Automotive Group with systematically deceiving and overcharging car-buying consumers for years, costing them millions of dollars in junk fees and unwanted add-on products.
In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline as follows:
Read MoreMore than 2.14 million cars on the road may have had their odometer rolled back this year, up more than 18% since 2021, and up more than 82,000 vehicles from just last year.
Beginning January 1, 2025, all Utah license plates will be centrally distributed to vehicle registered owners. This means that all license plates will be mailed directly to the customer through the US Postal Service.
No inventory of plates will be available in DMV offices, including the Utah State Tax Commission office and all third party DMV partners such as IDS. What does this mean for you as a dealer?
IDS will still be able to process all your paperwork for the customer that just purchased a vehicle from your dealership, but the plate will be distributed to the customer in a new process. When you bring paperwork to our office, the paperwork will be completed as usual in the DMV system. A license plate will be assigned to the customer and registration will be created at that time. As a dealer you have a couple options to get this registration to the customer.
Read MoreThe Illinois attorney general and Federal Trade Commission announced on Friday a $20 million proposed settlement agreement with an automotive group that includes dealerships in Peoria.
For over 45 years, Wayne Jones has made significant contributions to the automotive industry through his work with Independent Dealer Solutions. Throughout this time, he has witnessed substantial changes and transitions within the industry, including the leadership of multiple directors and commissioners at the Motor Vehicle Enforcement Division (MVED).
Read MoreNTEA (The Work Truck Association) and the Specialty Equipment Market Association (SEMA) filed suit in U.S. District Court against the California Air Resources Board, seeking immediate declaratory and injunctive relief to stop electric vehicle mandates that the board intends to implement through its Advanced Clean Fleets regulations.
“Borrowing to buy a vehicle is one of the largest sources of household debt for American families, and many deal with unnecessary costs and challenges paying for their car,” said CFPB Director Rohit Chopra. “The CFPB will take action against auto-finance companies that charge fees for nonexistent services, or repossess cars after borrowers make payments.”
The latest Cox Automotive Auto Market Report shows a notable decline in consumer spending volatility and stable unemployment levels, along with mixed consumer sentiment that rebounded slightly in August but later fell, according to Chief Economist Jonathan Smoke.
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) declined 0.2% from August in the first 15 days of September.
The Federal Reserve announced a 0.5% cut, its first rate reduction since 2020. In a release, the Fed stated “Recent indicators suggest that economic activity has continued to expand at a solid pace.
FTC and Arizona AG charged dealership and key employee with using bogus online pricing to entice consumers, tacking on thousands in junk fees, and charging Latino consumers extra
The Conference Board Consumer Confidence Index rose in July to 100.3 (1985=100), from a downwardly revised 97.8 in June. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—declined to 133.6 from 135.3 last month.
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell on Wednesday set the stage for the central bank’s first rate cut in four years, citing greater progress toward lower inflation as well as a cooler job market that no longer threatens to overheat the economy.
Still, the Fed kept its key interest rate unchanged at a 23-year high of 5.3%, despite calls from some economists and Democratic politicians to implement a cut Wednesday. Instead, Powell said that, if inflation continues to fall, “a reduction in our policy rate could be on the table” when the Fed next meets Sept. 17-18.
Read MoreNRRM, LLC will pay $10 million to settle FTC charges that its advertisements and telemarketing for VSC are deceptive and misleading, and that many purchasers found that many repairs were not “covered,” despite making payments of up to $120 per month.
To navigate the intersection of electric vehicles and the electric grid, the U.S. auto industry and the country’s electric utilities must ‘work together,’ according to a new analysis from Alliance for Automotive Innovation.
After a settlement with Indiana Attorney General Todd Rokita, a subprime auto business will be forced to pay back almost half a million dollars to consumers.
The Internal Revenue Service issued a press release reminding car dealers and sellers to be aware of evolving phishing and smishing scams that could impact day-to-day operations of the business.
Anderson Economic Group has analyzed direct losses to automotive dealers affected by the hacking and ransomware attack on CDK Global software and systems, and the resulting shutdown or impairment of operations, inability to operate systems, inability to generate orders, complete purchases or sales, and other interruptions of their normal course of business.
Over the last several months, the NAAA Auction Standards Committee has worked hard to develop and implement Arbitration Policy and Certification Guidelines updates to add clarity, improve transparency, and better reflect the evolving nature of the industry.