The National Independent Automobile Dealers Association reminded operators about an important change from the Federal Trade Commission that went in effect this past Sunday.
NIADA said dealers now are required to display the new version of the federally mandated buyers guide form on all used vehicles displayed for sale to consumers.
Following a lengthy review of the Used Motor Vehicle Trade Regulation — commonly referred to as the Used Car Rule — in November 2016, NIADA recapped that the FTC released a revised rule that includes changes to the buyers guide form.
The FTC gave dealers until Jan. 28, 2018 to exhaust existing supplies of the old buyers guide before requiring the revised form.
“NIADA worked extensively with the FTC on its review of the Used Car Rule to ensure any change to the rule did not impose a new regulatory burden on dealers,” association officials said.
“Through NIADA’s efforts, the amendments to the rule do not change its essential requirements – but the Buyers Guide form has changed,” they continued.
NIADA recapped that the revisions to the form include:
• A recommendation consumers get a vehicle history report before buying a used car that sends them to ftc.gov/usedcars for more information on how to get one
• Directions for consumers to visit safercar.gov to check for safety recalls before purchasing a used vehicle
• A new description of an “As Is” sale to clarify that “As Is” refers only to whether the vehicle is offered with a warranty from the dealer
• Boxes dealers can check if they wish to indicate whether a vehicle is covered by a third-party warranty and whether a service contract may be available
• A box dealers can check to indicate an unexpired manufacturer’s warranty applies
• A statement in Spanish on English versions of the form advising Spanish-speaking consumers to ask for the Buyers Guide in Spanish if the dealer is conducting the sale in Spanish
• Addition of air bags and catalytic converters to the list of major defects that can occur in used vehicles.
Dealers can obtain an English version of the new buyers guide through this website.