Recently, regulatory agencies have increased their focus on two issues that affect the retail auto industry: discriminatory pricing and value to the customer. Allstate’s Retail Pricing Guidelines are a proactive approach to mitigate potential risk to your dealership.
They are doing this to better position your dealership and help you avert potential bad publicity or possible legal action. Compliance issues are still on the radar of regulatory agencies, including the CFPB, and in the cases where bad acts have been identified, the fines can be quite substantial, with one example being a New York dealer that was fined $13.5 million for selling a product with limited value and high mark ups.
Allstate Dealer Services has issued Retail Pricing Guidelines and we ask all of our dealers to begin following these guidelines as soon as possible.
Automotive Assurance Group is here for you every step of the way. Please contact us if you have any questions.