February 24, 2023. The Federal Trade Commission (FTC) has released its 2022 year-end statistical compilation of auto-related complaints.
On February 22, 2023, the Federal Trade Commission (FTC) released its 2022 year-end statistics of auto-related complaints. In compiling these statistics, the FTC compiled information it collected internally and externally from the Consumer Financial Protection Bureau (CFPB), Better Business Bureau (BBB), state attorney generals, and several other agencies and organizations.
For 2022, the FTC identified 162,040 auto-related complaints, which is down slightly from the 163,864 auto-related complaints in 2021, but significantly higher than the 151,797 auto-related complaints in 2020.
The top auto-related complaints by category were:
Used Auto Sales - 49,535 complaints
New Auto Sales - 41,867 complaints
Auto Parts and Repairs - 30,118 complaints
Auto Renting and Leasing - 17,278 complaints
Auto Service and Warranties - 12,635 complaints
Auto Financing - 11,827 complaints
Among these auto-related complaint categories, Auto Financing and Used Auto Sales increased from 2021 to 2022. Auto Financing complaints increased by approximately 116%. Complaints regarding Used Auto Sales were up by approximately 115%.
The FTC released some other noteworthy statistics that were not categorized as "auto-related," but could also have an impact on the auto industry. They were:
1,108,609 complaints regarding
Identity Theft 691,142 complaints regarding
Credit Bureaus 327,609 complaints regarding
Online Shopping and Negative Reviews 112,827 complaints regarding
Debt Collection 66,383 complaints regarding
Privacy, Data Security, and Cyber Threats 11,425 complaints regarding
Finance Company Lending
"Consumer complaints put businesses on the radar of regulators and plaintiffs attorneys and prompt investigations," said Adam Crowell, President & General Counsel of ComplyNet. "If you look at the websites of regulators like the FTC, CFPB, and attorney generals, they make it very easy to initiate complaints with prominent placement on their websites," continued Crowell, "and your dealership should be doing everything in its power to drive disgruntled customers to a designated person to help resolve complaints, with a system that is fed by postings at counters, on websites, on social media, and on email signatures." "Utilize the right people, platform, and processes to minimize the risk of consumer complaints and to resolve consumer complaints when they exist," concluded Crowell.
ComplyNet can help you dealership manage consumer complaints with the FAIRSHAKE complaint management system, which enables dealers to review, respond, and manage complaints with one simple tool.
FAIRSHAKE Logo/Link on Dealer Website
Cloud-Based System to Mitigate Complaints
Safely Storing Files
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FAIRSHAKE - CLICK HERE or MEET WITH US.