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Hey everyone,
Since March, when the FTC issued the 97 warning letters to dealers, we’ve been waiting for the FAQs on pricing transparency. The wait is over as you will see in today’s newsletter. Also see our recent coverage of NADA’s guide on federal advertising requirements.
— CDG
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FTC releases FAQs on pricing transparency
The Federal Trade Commission delivered its FAQs on automobile industry pricing transparency Tuesday, approximately six months after sending 97 warning letters to auto groups nationwide about advertising and pricing transparency violations.
Driving the news: Following the warning letters sent in March, the FTC held webinars with the NADA and NIADA and promised to send out FAQs on its price transparency requirements.
The FAQs cover 14 different topics around price transparency.
The agency states its focus on price transparency is driven by “evidence and complaints we see every day in the marketplace.”
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Volvo bets on longer-range hybrids to boost U.S. momentum, strengthen dealer lineup
Volvo is launching longer-range versions of its hybrid XC60 and XC90 models as more consumers gravitate toward electrified vehicles.
The details: The new Volvo variants are part of a broader product shift in the European and American markets, Reuters reported.
The electric range of the new hybrid XC60 and XC90 is more than two and a half times that of the existing variants, thanks to a larger-capacity battery and a more powerful electric motor, Volvo Cars said.
The new hybrid XC60 has an electric range of up to 200 kilometers (124 miles) per charge, while the new hybrid XC90 offers up to 160 kilometers (99 miles).
Recall woes have penetrated a more unsuspecting area of the transportation business—taxis and rideshare vehicles—underscoring the number of vehicles still on the road in need of repair.
The details: More than one in four taxi and rideshare vehicles analyzed by Carfax across 16 major U.S. cities had at least one unfixed recall, compared with roughly one in five vehicles nationwide.
In New York City, hailing a medallion cab came with nearly a 2-in-5 chance (38.6%) of riding in a vehicle with an unfixed recall, on par with Seattle at 37.5%.
On the other hand, some cities fared far better than the roughly 20% national average, including Los Angeles at 11%, Boston at 9% and Baltimore at roughly 5%.
LaFontaine Automotive, UVeye partner to offer free ‘MRI for Cars’ in Michigan
