A senior citizen advocacy group today issued a letter to the Federal Trade Commission (FTC) challenging its assertion that its proposed regulations on auto retail would save consumers time.
The letter, signed by 60 Plus Association President Saul Anuzis and Chairman Jim Martin, asked the FTC to provide evidence that the proposed regulations would save car shoppers three hours.
From the letter:
“The proposed regulations state that, once implemented, they will save consumers three hours in the shopping process. We were intrigued by this claim — but it happens that the Commission has provided no supporting evidence for it.”
Anuzis and Martin continue:
“Long and drawn-out compliance procedures notoriously do not make things easier or clearer for consumers, especially seniors. Adding new facts and figures and information often confuse the products, confuse the transaction, and get customers focused on items that have nothing materially to do with their purchase. We saw this with the federal reserve regulations on mortgages, where adding extra information about fees actually resulted in consumers selecting expensive options, because they became fixated on fees and not overall costs.”
The authors close by urging the FTC to field test its proposals before issuing the regulation.
The letter can be viewed in its entirety here.
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