Community

Share your automotive expertise

2 Write a Blog Post

Filed in: Marketing

Breaking News: FTC Cracks Down on Auto Loan Schemes Today

We mentioned weeks ago that FTC enforcement of advertising regulations related to auto sales and loans would step up. Today was more evidence of that crackdown. The FTC came down on two California lenders promising consumers they could stop repossession and reduce payments. (FTC Press Release)

By all accounts, these companies were clearly involved in deceitful advertising practices, and they deserve what they have coming to them. In our follow-up discussion with the FTC, they acknowledged that the federal government has more "cops on the street" and is determined to combat deception aimed at consumers.

Today's actions were not aimed at dealers. Indeed the uncovering of these scams is good news for our industry. However, the bigger lesson is that getting your dealership within the clear parameters of advertising regulations is not optional this spring. These same scams went on for an extended period of time in the mortgage industry. Virtually every American was exposed to the radio and TV ads offering to save consumers from the threat of home repossessions before the crackdown in that industry took place. That era is gone. Swift action will be the calling card of Federal regulators, and even faster action must be the response of dealers who may be beyond the edge of compliance.

Comments

Thanks for the info Lindsey and Dennis. Wow, the FTC is certainly on a roll lately!

Apr 5, 2012

Credit rating is not a problem anymore. The best part about an instant payday advance is that you can pay everything back on your next paycheck and avoid worrying about this anymore. When a crisis comes, many people do not keep a lot of money lying around to pay for it. That means you need an instant cash advance to help you get through the emergency time. Get more information at: https://personalmoneynetwork.com/payday-loans/

Nov 14, 2013

Comments 1 - 2 of 2

You must be logged in to comment

Login Create an account

Add your comments:

   

Lindsey Auguste and Dennis Galbraith's Recent Posts

Related Posts

  • Google Unleashes Another Animal...

    Google rolls out another major update. What's this one all about?Read post

  • Extend Community Outreach to End Summer with a Sizzle

    If you’ve been out shopping over the past couple of weeks, you’ve probably noticed the abundance of back-to-school gear flooding the aisles. Even if you haven’t stepped foot into one of the major retail outlets, you’ve likely seen the back-to-school fliers stuffed into your mailbox offering exclusive savings. Even if you don’t want to believe it, the back to school season is here. A great way to get involved in your community and help local kids get a great start to the new school year is by hosting a back-to-school supply drive at your dealership. This type of campaign generates good press, additional traffic, and a great way for your dealership to give back. Here are three easy steps to get your drive started. Step #1 Pick an Organization Probably the simplest place for you to start is by contacting your local school district; many of them have programs to help underprivileged children get the school supplies they need. If that is not an option, try Google - look in your ...Read post

  • Introduction to Google My Business

    “I’ll Google it.” I seem to be answering more and more questions with, “I’ll Google it” lately. How many campgrounds are in Duluth, Minnesota? “I’ll Google it.” Is there a driving range on my way home from work? “I’ll Google it.” What’s the name of that brewery in Grayslake? “I’ll Google it.” Local business owners must love guys like me, because when we want to find a new bar, golf course, or a place to spend the weekend, we Google it. The only problem is, guys like me don’t always Google stuff the same way. Some use Google Search, others use Google Maps, some might have even downloaded the Google+ Local app on their iPhone and that is how they search for local businesses! So what does all of that mean to a business? It means that the business has to have all of its information correct on a variety of Google listings to ensure that their customers could easily find them.Read post

  • HOT CAR graphic for your dealer website or social media

    Dealers - this is a great graphic from the TODAY SHOW for your newsletter, Facebook, blog, or other social media. Grab a larger version of the graphic at http://www.carchat24.com/blog/dealers-hot-car-safety-graphic/ See the full article about Tennessee legalizing breaking windows to save a baby from a hot car at http://www.today.com/parents/tennessee-law-lets-you-break-hot-locked-cars-save-kids-1D79887285 ...Read post

  • A Simple Solution to Showrooming

    Bob is on his lunch break. Lately, he has been drooling over the latest high-tech camera so he decides to make a quick trip to Best Buy to check it out. He walks into Best Buy and heads to the camera department. Once there, he finds the camera on display, but no employees are in sight to explain it to him. He picks it up, plays with it for a while and decides to buy one. With limited time, Bob rushes back to his office. As he settles back at his desk, Bob surfs over to Amazon and finds the camera to read some reviews. The glowing reviews, combined with the fact that it’s a few dollars cheaper, make him pull the trigger and order one from Amazon. CNBC ran an article recently on the results of a new study by Gallup, “The State of the American Consumer.” In that report, “Gallup research has shown that customers only shop based on price when price is the only thing that separates competing offerings. In other words, customers shop based on price when there is no emotional conn...Read post

  • Relationships are key, so let me introduce myself.

    Hello Driving Sales community, relationships are vital in life and especially in sales. And this is why I wanted to take a minute and introduce myself. My name is Dustin Lyons, and I am the founder of Prospect Bomb. I have actually been a member of the community for a while now and have enjoyed participating in the forum conversations and blog posts, and learning from all of you as well. This is a great community and great way to share ideas and successes.Read post

  • Cocktails, House Sales and Creative Videography

    Forget thinking outside the box. This approach to marketing lights the box on fire...and films it burning.Read post

  • 6 Ways to Not Suck on Facebook

    You dedicate at least an hour of your day on your dealership’s Facebook business page. You chime in on posts about the auto industry, you change your profile and background photos, you post 8 times a day - YOU ARE COMMITTED. So why aren’t people liking your page?Read post