Is Your Auto Dealership in Chicago Comply with the FTC rules?
The Federal Trade Commission (FTC) has a number of rules and regulations that apply to auto dealerships in Chicago, designed to protect consumers from unfair or deceptive practices. Auto dealerships that fail to comply with the FTC’s rules and regulations may face a number of consequences including fines, lawsuits and reputational damage.
If you are an auto dealership in Chicago, it is important to make sure that you are complying with all of the FTC’s requirements and here are some questions to ask yourself;
- Do my advertisements comply with the FTC’s truth-in-advertising rules?
- Do I engage in fair and honest sales practices?
- Do I comply with all applicable laws and regulations governing consumer financing?
If you answered no to any of these questions you may be at risk of violating the FTC’s rules and regulations. To learn more about the FTC’s requirements for auto dealerships you can download your FREE FTC Reports here.
Here is a list of some of the specific FTC requirements that auto dealerships must comply with:
- Auto dealerships must disclose all of the terms and conditions of a financing agreement to consumers before they sign the contract.
- Auto dealerships cannot pressure consumers to buy vehicles that they do not want or need.
- Auto dealerships cannot use deceptive tactics to mislead consumers about the terms and conditions of a sale.
- Auto dealerships must provide consumers with clear and concise information about the vehicles they are selling, including the price, condition and warranties.
- Auto dealerships cannot make false or misleading claims about the price, condition or features of a vehicle.