US authorities initiate investigation into BMWDecember 29, 2019
BMW is suspected of manipulating US car sales statistics. The American Securities and Exchange Commission (SEC) found the reporting of the German company suspicious, The Wall Street Journal writes. If the fault of BMW is proved, the automaker will face a multi-million fine.
The American financial regulator suspected BMW in the tactics of “punching” sales. There were suspicions that the Bavarian concern was forcing brand dealers to purchase additional lots of cars for the reserve fleet. Thus, the automaker increased the total number of cars sold, improved reporting and provided the investor with a more attractive market picture.
It is possible that the “pushing” sales of BMW tried to end the year in a leading position in the American premium segment. The Bavarian company shows comparable results with the Daimler concern and can for the first time in four years finish the calendar year in first place according to the statistics of premium cars sold.
BMW dealers, on condition of anonymity, complain about the automaker: expanding the fleet of test and replacement cars reduces sales margins. The sale of cars from the reserve fleet is less beneficial for the salons, since you have to make discounts on such vehicles. A BMW spokesman told The Wall Street Journal that the company is informed of the start of the investigation and is ready to work with the US authorities.
For the Bavarian concern, suspicions of manipulating sales statistics in the US market are not new. Three years ago, the head of the North American branch of BMW already complained about the “great pressure” from the concern and forcing dealers to overestimate sales figures.
In September of this year, the US commission fined Fiat Chrysler Automobiles for $ 40 million for manipulating reporting. The investigation found that the automaker was forcing dealers to fake sales statistics in order to mislead investors.
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