A letter from the NPDA:
Dear National Powersports Dealer Association members and parties interested in the fate of our industry:
It is time to take action.
The Federal Trade Commission is proposing new regulations that will have a major impact on the financing and sales process for new and used Powersports vehicles - as well as require expanded disclosure on optional products typically sold in the F&I office.
The time to act is now! The FTC’s request for comment period closes Monday, September 12th , and we ask that you leverage your voice as a Powersports Dealer and take action at https://www.regulations.gov/commenton/FTC-2022-0046-0001 Simply fill out the form found at this link, and please send us an email at info@npda.org with the letters "FTC" so we can keep track of those of you who help out our cause!
The FTC must understand the impact these regulations will have on our industry and your business and, for that, your voice is crucial!
The National Powersports Dealer Association, the Marine Retailers Association of the Americas, the RV Dealers Association, the National Automobile Dealers Association and other industry allies believe the FTC's initial draft regulations would impose redundant and burdensome requirements for dealers and that compliance will have a major impact on these small entities. Although the NPDA does not condone misleading advertising or unfair practices in the sales or financing process, we believe our members should be exempt from these regulations.
NADA has produced a video showing how the proposed FTC regulations would force consumers who finance their vehicles to sign new forms and disclosures each time they ask about the price of vehicles on the lot.
I also want to share these articles that you may find helpful
• https://www.hklaw.com/en/insights/publications/2022/07/new-rules-of-the-road-ftcs-proposed-changes-to-car-boat-motorcycle
• https://www.mayerbrown.com/en/perspectives-events/publications/2022/07/us-ftc-proposes-new-rules-governing-the-carbuying-process
If you have any questions, please do not hesitate to reach out, and thank you for your continued support of the National Powersports Dealer Association!
Sincerely,
Bob Althoff
Chairman
National Powersports Dealer Association
bob@bobalthoff.com