DETROIT - The Securities and Alternate Fee is investigating German automaker BMW, an organization spokesperson confirmed Monday following a report
DETROIT – The Securities and Alternate Fee is investigating German automaker BMW, an organization spokesperson confirmed Monday following a report of the probe by the Wall Street Journal.
The information group reported the investigation is concerning BMW’s gross sales practices, particularly whether or not the corporate is “punching” its gross sales.
An organization spokesperson confirmed BMW has been contacted by the SEC, nevertheless declined to offer additional touch upon the continuing investigation.
Gross sales “punching” might be when a vendor, typically on the behest of an automaker, self-registers vehicles as loaners, and later sells them as used with little mileage on them. It may possibly help sellers in hitting firm targets or automakers in attaining gross sales titles.
In 2016, then-BMW of North America CEO Ludwig Willisch reportedly mentioned gross sales punching is not an excellent follow, “but it surely occurs,” in accordance with Automotive News. In January 2017, the corporate additionally mentioned it had ceased such practices, in accordance with the automotive commerce publication.
The SEC declined to remark, saying it “can neither affirm nor deny the existence or nonexistence of investigations.”
If the SEC is investigating inflated automobiles gross sales, it would not be unprecedented. U.S. regulators earlier this yr settled an investigation with Fiat Chrysler over fees it inflated U.S. gross sales to maintain a month-to-month streak going.
“New…
cnbc.com
BMW is being investigated by SEC, declines additional remark
DETROIT - The Securities and Alternate Fee is investigating German automaker BMW, an organization spokesperson confirmed Monday following a report
DETROIT – The Securities and Alternate Fee is investigating German automaker BMW, an organization spokesperson confirmed Monday following a report of the probe by the Wall Street Journal.
The information group reported the investigation is concerning BMW’s gross sales practices, particularly whether or not the corporate is “punching” its gross sales.
An organization spokesperson confirmed BMW has been contacted by the SEC, nevertheless declined to offer additional touch upon the continuing investigation.
Gross sales “punching” might be when a vendor, typically on the behest of an automaker, self-registers vehicles as loaners, and later sells them as used with little mileage on them. It may possibly help sellers in hitting firm targets or automakers in attaining gross sales titles.
In 2016, then-BMW of North America CEO Ludwig Willisch reportedly mentioned gross sales punching is not an excellent follow, “but it surely occurs,” in accordance with Automotive News. In January 2017, the corporate additionally mentioned it had ceased such practices, in accordance with the automotive commerce publication.
The SEC declined to remark, saying it “can neither affirm nor deny the existence or nonexistence of investigations.”
If the SEC is investigating inflated automobiles gross sales, it would not be unprecedented. U.S. regulators earlier this yr settled an investigation with Fiat Chrysler over fees it inflated U.S. gross sales to maintain a month-to-month streak going.
“New…
cnbc.com
RECOMMENDED FOR YOU