The US Federal Trade Commission (FTC) has stayed a slate of new rules targeting dealerships, pending a legal challenge to the new rules by the National Automobile Dealers Association and the Texas Automobile Dealers Association. The new FTC regulations, named the "CARS Rule" proposes new requirements dealerships must adhere to when retailing automobiles. Requirements include disclosure of the "out the door" vehicle price, total payment cost for the term of a lease/loan, "express, informed" consent for charges and fees and additional process steps retention of some documents for a defined period of time. While the FTC states that the new regulations help to increase transparency and protect customers, many dealerships cite ambiguity in the regulation and challenges to implementation. The introduction of the CARS Rule is further evidence of the influence of the Direct to Consumer (e.g. Tesla) "One Price" model where the purchase and finance process is simplified but price negotiation is not offered. #carsrule #automotiveretail #onlineretail #ftc #dealerships
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4wSteve Brooks congrats! Curious, care to share any tips for negotiating when buying a car?