New collection (Request for a new OMB Control Number)
No
Regular
Approved without change
06/20/2024
01/04/2024
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
06/30/2027
36 Months From Approved
5,956,154
0
0
1,595,085
0
0
14,181,300
0
0
The Federal Trade Commission ("FTC") has promulgated a new rule that prohibits motor vehicle dealers from making certain misrepresentations in the course of selling, leasing, or arranging financing for motor vehicles, requires accurate pricing disclosures in dealersâ advertising and sales discussions, prohibits the sale of any add-on product or service that confers no benefit to the consumer, and requires dealers to keep records of advertisements and customer transactions. The FTC requests approval for the disclosure and recordkeeping requirements of this newly promulgated Combating Auto Retail Scams Trade Regulation Rule (âCARS Ruleâ or âRuleâ), 16 C.F.R. Part 463. The disclosure and recordkeeping requirements of the Rule constitute âcollection[s] of informationâ for purposes of the Paperwork Reduction Act.
US Code:
12 USC 5519
Name of Law: The Dodd-Frank Wall Street Reform and Consumer Protection Act
This is a newly promulgated Rule which qualifies as a program change, not an adjustment. The estimated annual hours of burden are 1,595,085, the estimated annual labor costs are $51,904,537, and the estimated annual non-labor costs are $14,181,300. The Rule addresses two consumer protection problems that have persisted despite prior enforcement, outreach and engagement with industry, and other action: (1) bait-and-switch tactics and (2) hidden charges for add-on products or services (such as extended warranties or vehicle undercoating) and other items. These problems cost consumers millions of hours of lost time in what is already a lengthy and arduous process, and billions of dollars more spent each year on what already are among the largest purchases of their lifetimes. They also harm law-abiding dealers, which lose business to dealerships that bait consumers with low prices and thenâafter consumers have spent hours, for example, selecting a dealer, traveling to the lot, and negotiating on the lotâcharge more than advertised, including by hiding significant charges in dense paperwork.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
CARS TRR Final Rule-Supporting Statement-2024-FINAL.pdf
Combating Auto Retail Scams Final Rule -- PRA Commenter List.docx
Add-On List Disclosure Requirement (Online and Mobile Platforms)