Automotive News - October 10, 2016 - Supplement - S9

SPECIAL ADVERTISING SUPPLEMENT Regulators zero in on lending and advertising !932!88-' '22-('8£'1'2; !8-!W<ħ<93 !932!8-23 easier for regulators to crack down, whereas, in the past, they had to collect and review newspapers or monitor radio ads to discover questionable trade practices. "A regulator now can sit at his or her desk and go through YouTube or type in 'Dealer advertising' in a web browser and have a plethora of ads they can scrutinize," she says. The FTC also works closely with the Consumer Financial Protection Bureau (CFPB), an agency set up under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Although the CFPB does not have direct jurisdiction over dealers, it consults with the FTC on issues CFPB ﬁnds for the FTC to possibly investigate. Since the CFPB provides consumers with the ability to ﬁle complaints online, this process again makes for an easier method by which regulatory agencies can become aware of customer issues. "If regulators see a lot of complaints in one area, the governing agencies are likely to look into those more deeply," says Jennifer Clement, legal counsel for JM&A. Data security is also on the mind of regulatory agencies. This is a commonly neglected area by dealers and a number of them have experienced a data breach, making the dealers subject to signiﬁcant ﬁnancial penalties. Human error is expected but the reality is care(Continued on page 11) Operation Ruse Control and Operation FROM THE EXPERT: SERVICE CONTRACT TIPS Steer Clear are names of consumer protection campaigns-waged by the Federal Trade Commission to protect car buyers-meant to stick in the public's mind. But for dealers, the lasting impression comes from the hefty ﬁnes dealers can get hit with if they are in violation of deceptive advertising, credit application fraud, data security breaches or any applicable enforcement action. Tim Meenan is general counsel and executive director of the Service Contract Industry Council (SCIC) in Tallahassee, Fla., a national trade association that works with lawmakers across the country to develop fair and uniform regulation to protect consumers. Meenan offers a few basic reminders for dealers when issuing service contracts: * Obtain and maintain a license, verifying you are a solvent business. * Make sure service contracts are compliant in your operating state. * Never imply everything on a vehicle is covered. * Remain transparent, explaining the value and selling contracts only for their intended use. "The FTC is concentrating heavily on dealer advertising and the key word now is 'transparency,'" states Maria K. Guttuso, vice president and general counsel for JM&A Group. Guttuso explains how technological advancements have made it OCT '16 / JM&A GROUP / 9

Table of Contents for the Digital Edition of Automotive News - October 10, 2016 - Supplement

Contents
Automotive News - October 10, 2016 - Supplement - Intro
Automotive News - October 10, 2016 - Supplement - S1
Automotive News - October 10, 2016 - Supplement - S2
Automotive News - October 10, 2016 - Supplement - Contents
Automotive News - October 10, 2016 - Supplement - S4
Automotive News - October 10, 2016 - Supplement - S5
Automotive News - October 10, 2016 - Supplement - S6
Automotive News - October 10, 2016 - Supplement - S7
Automotive News - October 10, 2016 - Supplement - S8
Automotive News - October 10, 2016 - Supplement - S9
Automotive News - October 10, 2016 - Supplement - S10
Automotive News - October 10, 2016 - Supplement - S11
Automotive News - October 10, 2016 - Supplement - S12
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