This blog by Richard Wise is mandatory reading for dealers and those who work with dealership in any capacity. Please read and comment.
Originally posted on Rick Wise:
Many of you might recall all the effort we put into trying to understand what the various government agencies wanted us to do to stay compliant. It was not that long ago that Obama had urged Congress to include automotive dealers in the Dodd-Frank Wall Street Reform Act and under the review of the Consumer Financial Protection Bureau. While we dodge that with the help of the NADA and a few of our elected officials, Congress did authorize the Federal Trade Commission to speed up its review of what they consider unfair, deceptive and abusive practices. Obama went so far as to state that automotive dealers should be the focus of the FTC. This executive command lead to the FTC exploring what type additional oversight was needed and if so how to effectively include all dealers and retailers under new regulations.
Many of us had speculated that the FTC and CFPB would start to work closely together on drafting new rules on dealer involvement in auto financing, with the FTC serving as the enforcer. We witness the start of with the several “round-table” events the FTC was held in 2011.