The House Financial Services and General Government (FSGG) Appropriations Subcommittee passed the FY 2025 FSGG appropriations bill on Wednesday, June 5. The bill includes several provisions to limit Federal Trade Commission overreach – including the Vehicle Shopping Rule.
The House Appropriation Committee is expected to consider this legislation next week. You can view members of the committee here if you would like to reach out to your Representative.
If you choose to reach out to your Representative, or if you’re unsure how the FTC’s rule impacts you, here is some information to consider.
The Center for Automotive Research recently conducted a survey and created an updated analysis focused on the financial impact to both dealers and customers if the current proposed FTC Vehicle Shopping Rule were to be passed. Here are some key takeaways:
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Estimates total compliance cost for dealers (training, IT systems, planning, prep, and compliance reviews):
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New requirements will add 1 hour to the total purchase process.
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$22.20/hour (consumer’s hourly cost) x 1 (number of added hours) x 62,107,000 (annual vehicle sales) = $1,378,775,400 cost in Year 1
Year 1-10 = $13,787,754,000 (doesn’t include discount rates for present value analysis)
The full report can be found here.