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Dealers polled on FTC rules for industry

Dealers polled on FTC rules for industry

Cox Automotive’s third-quarter Dealer Sentiment Index survey (July 26 to Aug. 9) asked 574 franchised dealers about the Federal Trade Commission’s plan for new dealership advertising and finance and insurance rules.

How familiar are you with the new rule and corresponding regulations that were proposed by the FTC at the end of June?

Aware and very familiar
Aware and somewhat familiar
Aware, but not very familiar
Aware, but not at all familiar
Not aware

What parts of this regulation do you think should be kept and which ones should be removed?

Pricing information in advertising must match what is offered in-store.

Keep as is 59%
Revise 27%
Remove 14%

Ban on all add-on products that do not provide a benefit to the consumer.

Keep as is 27%
Revise 28%
Remove 45%

Dealers must list all optional add-ons and their prices online.

Keep as is 55%
Revise 25%
Remove 20%

Dealers must present consumers with a form that lists the costs of any optional add-on products or services included in the purchase, and consumers must then provide their express, informed consent for all charges.

Keep as is 63%
Revise 22%
Remove 15%

Dealers must disclose the true “offering price” of the vehicle (minus any extra fees and taxes), with and without financing.

Keep as is 53%
Revise 28%
Remove 19%

Dealer must maintain detailed records for at least 2 years on almost all aspects of their trade practices.

Keep as is 41%
Revise 26%
Remove 33%

Source: Cox Automotive

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