AFS Direct’s Post

Many people are turning to online shopping to purchase used cars due to its convenience, however, there are some risks to be aware of when doing so. Read more here. https://zurl.co/hCqj #online #risks #car #used #private #afsdirect #afs #asset #finance

The Federal Trade Commission (FTC) has announced the CARS (Combating Auto Retail Scams) Rule to combat deceptive practices in vehicle shopping, targeting issues like bait-and-switch tactics and hidden fees. This rule, effective from July 30, 2024, requires dealers to clearly disclose the full price of a vehicle, inform consumers about total payments, and ensure that any add-on products or services are optional and provide actual benefits to the consumer. Dealers must also obtain express, informed consent for any charges. PoWĂ Cars, with its focus on transparency and customer service through its AI-driven platform, could help auto dealerships comply with these new regulations. By offering clear and honest communication, detailed information on pricing and services, and streamlining the purchasing process, PoWĂ Cars aligns with the FTC’s emphasis on truth and fairness in the car buying process. This compliance not only benefits consumers but also positions dealerships as trustworthy and customer-centric, adhering to the new legal standards set by the CARS Rule. Interested? Let's talk! Read more at: https://lnkd.in/gs_zKFys

Is eliminating 'deal' and finance frictions an opportunity at your dealership? Break away from the status quo and enhance your dealership's efficiency and PVR. Our latest blog unpacks the challenges of auto retail's silent disruptors: ➡️ Accuracy challenges of digital retailing payment quoting tools ➡️ Different interpretations of ‘penny perfect’ ➡️ Silo'd Sales & FInance workflows Learn how tackling the challenges can improve buying experiences at your store. Spark the innovation by reading on: https://lnkd.in/gUps9J-c #cardealers #cardealerships #connectedretailing #dealers #dealership #digitalfinance #digitalretailing #elendsolutions #trustgap

Victorian consumers lost over $500,000 to fake used car sales on online marketplaces from January to April 2024. This is part of a larger trend of online scams, which resulted in $93.5 million lost nationwide in 2023. ___ Don't fall for quick, unreliable deals that seem too good to be true. Instead, work with trusted, professional industry experts. As technology advances, it's crucial to do business with reliable sources. Avoid scams — contact me today if you're considering selling your car. We buy cars nationwide. ☎

The vast majority of dealers (86%) agree that inaccurate online quotes are affecting the sales process adversely. This is further evidence that our much-touted dealership ‘digital retailing’ age has yet to live up to its promise – so is it any wonder that consumers still hate the car-buying process? In my third installment of a four-part series on CBT News I delve deeper into this issue. Read the full article here: https://lnkd.in/gQs3PHAS #cardealers #cardealerships #connectedretailing #dealers #dealership #digitalretailing #digitalfinance #elendsolutions #innovation #autofinance #autolenders #carbuying #automotive #autoindustry 

Close your tray tables and make sure your seats are in an upright position…ladies and gentlemen, we are ready for take-off 😊 “For a long time, the effects of the pandemic constrained vehicle supply, combined, during that period, with high used car values and easy credit, allowing more people access to purchase vehicles…now however it's almost a ‘perfect storm’ in the other direction, as interest rates are the highest in decades and vehicle prices remain high and credit has tightened dramatically - despite plenty of inventory, fewer people can now afford to buy or replace their vehicle with conventional financing or leasing, and those with poor credit or little cash are virtually shut out of the market, despite a pressing need for personal transportation,” $DWAY OTC – ‘DWAY’ #subprime #cardealers #microleasing #subscriptions #vehiclesubscriptions #renttoown #finance #carsales #newcars #automotiveretail #automotivefinance

🚘 Significant Industry Update: FTC's CARS Rule Redefines Auto Retail 🚨 The auto industry is at a pivotal juncture with the Federal Trade Commission's (FTC) introduction of the CARS (Combating Auto Retail Scams) Rule. This stringent regulation goes beyond mere consumer protection to fundamentally alter dealership operations and marketing practices. Critical Changes Brought by the CARS Rule: 1. Transparent Pricing: The rule mandates upfront disclosure of vehicle pricing, eliminating "unlock price" or "call dealer" tactics. Every initial consumer communication about a specific vehicle must now include its price. 2. End of Misleading Advertising: Gone are the days of speed-reading disclosures, "view details," or fine print in advertisements. Dealerships must present clear, straightforward pricing without any hidden conditions. 3. Prohibition of Advertising Unavailable Vehicles: Dealers can no longer list vehicles for sale that are not actually available, ensuring consumers see only genuine offers. 4. Strict Record Retention Policies: Dealerships are required to maintain comprehensive records going back 24 months, adding a layer of accountability to their operations. 📑 The FTC has received more than 100,000 complaints in each of the past 4 years. These regulations represent a sweeping change, ensuring that consumers face a more transparent and straightforward car buying experience. The CARS Rule is not just about preventing scams; it's about instilling a culture of clear communication and trust in the auto industry. Industry Implications: This significant shift may pose challenges for dealerships in terms of compliance and operational adjustments. However, it ultimately levels the playing field, benefiting both consumers and ethical dealers by fostering a more transparent market. 🔍 For more details on the CARS Rule and its comprehensive impact, visit https://lnkd.in/gVJc3nyG #AutoIndustry #FTCCARSRule #Transparency #ConsumerProtection #AutomotiveRegulations #AutomotiveChange #RegulatoryCompliance Tom Kline ☎🐙 Brian Pasch, MA Andrea Amico John Acosta Dan Moore Troy "Turbo" Spring

The Federal Trade Commission (FTC) has unveiled the Combating Auto Retail Scams (CARS) Rule, set to save consumers billions annually while transforming the car-buying experience. Pricing Transparency: #TransparencyMatters - CARS mandates dealers to provide upfront and honest pricing information. No more hidden fees or misleading claims, ensuring that buyers can make well-informed decisions. This transparency empowers consumers, building a foundation of trust in the process. Building Trust: #TrustIsKey - Trust is the cornerstone of any successful transaction. CARS puts an end to deceptive practices, such as bait-and-switch tactics and hidden junk fees, that erode consumer trust. When buyers have confidence that they won't be taken advantage of, they're more likely to become loyal customers. Personalized Buying Experience: #CustomerCentric - Every car purchase is unique. CARS recognizes this by requiring dealers to obtain explicit consent for any additional charges. This personalized approach ensures that buyers won't be coerced into unnecessary add-ons or fees they didn't agree to, making the process more tailored to individual needs. Servicemembers' Protection: #SupportOurTroops - It's essential to highlight that the CARS Rule extends special protections to members of the military and their families. This not only ensures financial security for those who serve but also demonstrates a commitment to our servicemembers' well-being. In summary, the CARS Rule is a significant step towards a more transparent, trustworthy, and customer-centric car-buying experience, benefiting both consumers and honest dealers alike. #AutoRetail #ConsumerProtection

Lots of practical lessons here to ensure your process doesn’t fall into the purview of the FTC especially as dealerships are attempting to sell more vehicles outside their PMA.

https://lnkd.in/grCSHBBR Despite Delay in FTC's CARS Rule, Dialogue on Auto Retail Regulation Persists. Amid Industry Quest for Consensus, What Lies Ahead for Dealership Operations? Stay Informed on the Shifting Landscape of Auto Retail Regulations with Us. https://hubs.li/Q02kJPgM0