BETHESDA, Md., July 26, 2022 /PRNewswire/ — As average car payments pass $730 per month, consumers are fighting back to save money and time. After receiving 100,000 complaints, the Federal Trade Commission has finally proposed new regulations that would end deceptive car dealer practices. Now that the FTC’s public comment period is open, the team of consumer advocates at YAA is spearheading an effort to raise awareness to these proposed rules.
As Automotive News recently reported, YAA’s efforts have resulted in nearly 1,000 public comment submissions in just one week. However, it’s become clear that the powerful dealer lobby is not going to stand down without a fight.
YAA’s consumer advocates are gathering support for an FTC proposal going after car dealer’s deceptive sales tactics.
By encouraging all to submit a public comment, YAA’s coalition of consumers intends to make it clear that auto industry lobbyists will not be the only ones to make their voices heard. The FTC’s public comment period is open from now until September 12, 2022.
The FTC’s proposal would ban four anti-consumer sales tactics that millions of car buyers have experienced:
1) bait-and-switch pricing
2) forced add-ons without benefit
3) rushed F&I disclosures
4) discriminatory practices towards cash buyers
Read the FTC’s proposed motor vehicle dealers trade regulations in entirety.
Industry Lobbyists Push Back, Yet YAA’s Consumer Advocates Are Determined to Voice Support
Following the announcement of the FTC’s proposed regulations, the National Automobile Dealers Association (NADA) swiftly issued a response in dissent, and requested an extension of the open comment period. The NADA’s objections cite the challenges that this pro-consumer reform would bring to the 18,600 new car dealers nationwide, and thousands of other used and independent dealers. In summary, car dealer lobbying groups reject the proposed rule change because it inconveniences them, despite consumers complaining of systemic anti-consumer sales tactics overrunning the automotive industry.
Another objection that the auto industry has cited is that existing regulations already ban the aforementioned practices. However, it’s clear that existing regulations have failed to solve the problem.
Car buyers who are ready to end deceptive sales practices that are all too common at car dealerships can make their voices heard by submitting a comment during the FTC’s open comment period, which ends on September 12, 2022. Comments can be submitted here.
About YAA
YAA saves car buyers time and money in today’s challenging auto market. With digital tools that level the playing field, on-call expert support, and an active community, YAA’s members are empowered with tools and expertise to buy a vehicle with confidence. Premium membership to YAA gives members the opportunity to have a live chat with one of YAA’s experienced car sales experts. Premium members also have access to advanced reporting, Black Book trade-in valuations, one-to-one coaching and YAA premium courses.
YAA was founded in 2019 by industry veteran Ray Shefska, his entrepreneurial consumer advocate son Zach Shefska, and software engineer Arash Soheili. YAA has since grown to include 128,000+ members, with millions of other car buyers gaining empowerment through YAA’s media. With nearly 500,000 monthly website visitors and millions of viewers, YAA is the fastest-growing consumer advocacy in America.
SOURCE YAA
