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Old 08-11-2008, 11:59 AM   #1
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Default Washington AG Settles with Fife Dealership

The Washington Attorney General has settled a case with McCann Cadillac/Hummer/Saab over the sale of repurchased vehicles.

A news report indicates that McCann sold 79 buy-back vehicles but failed to follow all of the state's rules regarding the sale of a manufacturer buy-back.

Although McCann did disclose that the vehicles had been repurchased and had their customers sign a statement to that fact, that alone does not meet the state's requirements. Washington requires that dealers display a bright yellow sign/brochure on the vehicle indicating that it has been repurchased and that it will have a branded title.

As part of the settlement the dealership agreed to pay $12,000 to the AG's office and offer $1,000 to each of the 79 customers for a full release.

Here's a copy of the news report: http://www.thenewstribune.com/busine...ry/439164.html
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Old 08-11-2008, 12:10 PM   #2
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Default Dealership issues a statement

McCann Cadillac, Hummer, Saab issued a press release to correct mis-statements made by the media.

The statement affirms that the dealership had cooperated with the Attorney General and that 100% of the customers involved had signed a statement disclosing that the vehicle had been a manufacturer buy-back.

Here's a link to the dealership statement: http://www.marketwatch.com/news/stor...6%7D&dist=hppr
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Old 08-11-2008, 08:39 PM   #3
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I'm curious what the reason for all of the buybacks were?
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Old 08-12-2008, 08:57 AM   #4
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Originally Posted by SHACOS View Post
I'm curious what the reason for all of the buybacks were?
I think I saw an article that indicated that McCann was buying the vehicles at auction in California.

I know a lot of dealers don't want to get involved with any vehicle that has a branded title or requires disclosure - it's just too easy to make a minor mistake and end up in a position like McCann.

That said, if McCann sold 79 repurchased vehicles there must be a market for them. I wonder what the advance guidelines are for a vehicle with a branded title?

If the advance is strong and the auction price is low it may be an attractive option for customers that have negative equity.
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