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September 12, 2016 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Important Deadline Regarding VW Buyback Program
Veteran Volkswagen Engineer Charged in U.S. Emissions Probe
Bigland May Face Charges in Sales Probe, Report Says
GM Falls on 3.6 Million-Vehicle Recall, New Air-Bag Defect
CFPB Roundup: Consumer Complaints Near 1 Million
General Motors' VP on Its Deliberate Drop in US Sales
Top Stories
Important Deadline Regarding VW Buyback Program

During a NADA University Online webinar last week that addressed Federal Trade Commission (FTC) concerns with dealer advertising claims related to the VW Buyback Program, the FTC presenters highlighted the upcoming Sept. 16, 2016 deadline for submitting certain claims in connection with that Program.

In particular, the Sept. 16, 2016 deadline applies to “Eligible Sellers,” which are those who:

(1)  Purchased or acquired an eligible vehicle on or before Sept. 18, 2015; and
(2)  Sold or transferred ownership of the vehicle after Sept. 18, 2015 but before June 28, 2016. 

Generally, Eligible Sellers include non-Volkswagen (and non-Audi) dealers who held title to an eligible vehicle or held a bill of sale for an eligible vehicle. An Eligible Seller must identify itself by Sept. 16, 2016 (by registering online at www.VWCourtSettlement.com or submitting an identification form by mail or fax) to receive any benefits. 

PLEASE NOTE: Other individuals who may be eligible for compensation under the Program -- such as owners (including non-VW/Audi dealers), lessees, and certain former lessees -- have until Sept. 1, 2018 to submit claims.

NADA members may access the webinar by clicking here.
Source: NADA Regulatory Affairs

Editor’s note: The foregoing information is offered for informational purposes only and is not intended as legal advice. Consult your attorney for guidance specific to your business operations.

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Veteran Volkswagen Engineer Charged in U.S. Emissions Probe

A veteran Volkswagen AG engineer pleaded guilty to conspiring to defraud U.S. regulators and customers, the first criminal charge in the Justice Department’s year-long investigation into the company’s rigging of federal air-pollution tests. The engineer, James Liang, who entered his plea in Detroit federal court on Friday, is cooperating with the investigation, increasing pressure on higher-ranking officials of the company. His lawyer said that Liang was “one of many at Volkswagen” involved in the scheme.
Source: Bloomberg


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Bigland May Face Charges in Sales Probe, Report Says

Fiat Chrysler Automobiles' top North American sales executive, Reid Bigland, could face personal charges as part of the ongoing federal probe into whether the automaker fraudulently hyped its monthly sales, Bloomberg reported. Bigland's signature appears on documents that contain some of the disputed figures, Bloomberg reported, and he regularly touted the company's streak of year-over-year monthly sales increases. Investigators want to determine whether the documents were falsified. A federal grand jury in Detroit has been impaneled to investigate the issue and has issued subpoenas to dealers.
Source: Automotive News

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GM Falls on 3.6 Million-Vehicle Recall, New Air-Bag Defect

General Motors Co. recalled 3.64 million trucks, cars and sport-utility vehicles in the U.S. after discovering a new defect that could cause air bags to fail in crashes. GM fell as much as 2.9 percent, the most since Aug. 2, after the recall was announced on Friday. GM made the move after investigating a May 17 crash in which a Chevrolet Silverado’s air bags failed to deploy, the Detroit-based automaker said in documents on the National Highway Traffic Safety Administration website Friday. A company investigation pinpointed errors in the computer software that controls air bags and seat-belt pretensioners.
Source: Bloomberg

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CFPB Roundup: Consumer Complaints Near 1 Million

As the regulator handed out a $100 million penalty to Wells Fargo for activities not related to auto financing, the Consumer Financial Protection Bureau noted that the amount of complaints in its database continues to surge toward 1 million entries. As of Aug. 1, the bureau reported that it has handled approximately 954,400 total complaints across all products. When SubPrime Auto Finance News dug into the CFPB’s searchable complaint database to get a sense of auto financing status, we found statistics that might give finance company executives some assurance about their performance.
Source: Auto Remarketing

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General Motors' VP on Its Deliberate Drop in US Sales

General Motors has taken a beating in the headlines this year as falling U.S. sales have cost it nearly a full point of market share. Kurt McNeil, U.S. vice president of sales, says GM's deliberate move to cut low-profit sales to rental car companies and focus on more lucrative retail sales to individual customers is behind the drop. But the auto industry's focus on top-line sales numbers has made GM look bad compared with competitors. McNeil discussed GM's strategy in a recent interview with The Associated Press.
Source: The Associated Press

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Past Articles
       
      Quotable
      "Last year the industry ended up selling 17.5 million light vehicles, an all-time record. Are we going to beat that? We're going to be close. That is still a tremendous industry."

          -- Kurt McNeil, U.S. vice president of sales for General Motors, commenting on projected auto sales this year, The Associated Press, Sept. 11
       
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