There are a lot of things you can purchase online these days and cars are included. And while technology has made it easier for the modern consumer, it has also become an opportunity for crooks to take advantage of. For that matter, key automotive industry leaders announced today they are forming an alliance to address the growing threat of fraud in the online private party used car marketplace. ‘F.A.I.R.’ (Fraud Abatement through Industry Response) will host their first one-day roundtable event, including a public forum for Q & A, in Los Angeles on April 23, 2009 at the historic Petersen Automotive Museum.
Forty-four million used cars were sold in the US last year; over half of which were sold online. During the same period, Internet fraud rose 33 percent, according to a recent F.B.I./IC3 report. With consumer confidence at an all time low, the threat of increased risk could dampen online sales and further harm the ailing automotive industry if steps are not immediately taken to address this challenge.
“The for sale by owner market is being choked by fraud,” said Reza Bundy, CEO of Mota.com, a partner in the F.A.I.R. initiative. “The occurrence of fraud and financial loss in the peer-to-peer space is increasing and together our intent is to create standards that will ensure fair and square transactions for American consumers.”
(Source) Press
Tags: abatement, american consumers, automakers, automotive industry, bundy, Cars, ceo, consumer confidence, crooks, industry leaders, industry response, initiative, internet fraud, marketplace, occurrence, Petersen Automotive Museum, private party, public forum, reza, risk