Apr 09, 2009 16:44 ET
Auto Industry Leaders Unite to Combat Online Fraud
Autotrader.com, Cars.com, eBay Motors, Mota.com and Pep Boys Schedule
First Summit in Los Angeles to Address Online Automotive Fraud
NEW YORK --(Business Wire)-- Apr 09, 2009
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.”
F.A.I.R. will address several issues during this historic meeting,
including –
-
How current economic conditions have fueled an increase in private
party transactions
-
The inherent challenges in private party sales and how they are
magnified online
-
How industry leaders and law enforcement can work together to protect
consumers from fraud
“The goal of the first meeting is to build a united front against fraud
and an effective framework for educating consumers and sharing best
practices,” said Charlie Vogelheim, a leading industry veteran. Select
members of the press will be invited to attend the summit, moderated by
Vogelheim, former Vice President of Automotive Development at JD Power &
Associates and Executive Editor of Kelley Blue Book.
About MOTA Motors
MOTA Motors, Inc. provides private party buyers and sellers of used cars
with a comprehensive set of online tools and an intuitive process that
brings trust and transparency to every transaction. For more information
about MOTA Motors Inc., please visit www.mota.com
or email info@mota.net.
For MOTA Motors, Inc.
Breanna Buhr / Erin Bronner, 818-992-4353
bbuhr@jmprpublicrelations.com