Jump to content
News
Reviews
Discussons
Activity
Create New...
Close
  • William Maley
    William Maley

    By William Maley •

    Fiat Chrysler Automobiles Under Investigation Over Sales Reporting

      Those amazing sales numbers posted by FCA last year are now being investigated by the SEC and DOJ

    Fiat Chrysler Automobiles is facing an investigation by the U.S. Department of Justice and Securities and Exchange Commission over their sales reporting practices. Bloomberg learned about the investigation from two sources this morning and since then, FCA has confirmed it.

     

    This investigation stems from lawsuits filed earlier this year by dealers in Florida and Illinois saying the automaker inflated sales numbers by having them file false 'New Vehicle Delivery Reports'. At the time, FCA denied the charges made and is seeking dismissal of the suit.

     

    But as Automotive News notes, FCA added a disclaimer to their sales reports in April about how sales are reported.

    “FCA US reported vehicle sales represent sales of its vehicles to retail and fleet customers, as well as limited deliveries of vehicles to its officers, directors, employees and retirees. Sales from dealers to customers are reported to FCA US by dealers as sales are made on an ongoing basis through a new vehicle delivery reporting system that then compiles the reported data as of the end of each month. Sales through dealers do not necessarily correspond to reported revenues, which are based on the sale and delivery of vehicles to the dealers. In certain limited circumstances where sales are made directly by FCA US, such sales are reported through its management reporting system.”

     

    Investigators from the FBI and SEC visited various FCA field staff at their homes and offices on July 11th. That same day saw federal attorneys visit FCA's headquarters to gather information. According to a source, FCA employees were advised not to speak with investigators without counsel.

     

    In a statement today, FCA said that it would "cooperate fully" with the SEC investigation into its "reporting of vehicle unit sales to end customers" in the U.S. It also mentioned that is has received similar inquiries from the DOJ and will cooperate with them.

     

    The DOJ, FBI, and SEC declined to comment.

     

    Source: Bloomberg, Automotive News (Subscription Required)

    Go to articles

    User Feedback

    Recommended Comments

    G. David Felt

    Yea, Sergio is such a brilliant CEO Leader, Inspiring his people to Lie, Cheat and over all destroy what is left of Dodge, Ram, Chrysler & Jeep.

     

    Such a sad turn, the idiots should have never allowed Fiat to buy the American Brands.

    • Agree 1
    Link to comment
    Share on other sites
    ccap41

    Stupid idiots. How do you do something like this and not expect it to make it through SEC? How many accountants allowed this to knowingly happen? f@#ks should be fired.

    I hate it because of how many ppl had to have known something and turned the other cheek all while penalizing EVERY shareholder who's trying to help your corporation and themselves.

    Basically. Thieves.

    Link to comment
    Share on other sites


    Join the conversation

    You can post now and register later. If you have an account, sign in now to post with your account.
    Note: Your post will require moderator approval before it will be visible.

    Guest
    Add a comment...

    ×   Pasted as rich text.   Paste as plain text instead

      Only 75 emoji are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor

    ×   You cannot paste images directly. Upload or insert images from URL.

    ×

  • google-news-icon.png



  • google-news-icon.png

  • Subscribe to Cheers & Gears

    Cheers and Gears Logo

    Since 2001 we've brought you real content and honest opinions, not AI-generated stuff with no feeling or opinions influenced by the manufacturers.

    Please consider subscribing. Subscriptions can be as little as $1.75 a month, and a paid subscription drops most ads.*
     

    You can view subscription options here.

    *a very limited number of ads contain special coupon deals for our members and will show

  • Similar Content

  • Posts

    • G. David Felt
      Random Thoughts Thread

      By G. David Felt · Posted

      Those that cannot accept a multi-cultural world and immigration deserve to lose everything. I will stay professional, but believe that our North American Economy is about to get far worse over the long term than it is now. It is amazing how people do not seem to realize that the first two years of a new president is dealing with the ramifications of the last president. The high inflation was due to the failed policies of those before. We now have low unemployment and a strong economy. Will be interesting to see how it ends.
    • oldshurst442
      Random Thoughts Thread

      By oldshurst442 · Posted

      I say, let it get worse.  The people have spoken and this is what the MAJORITY voted for.  He even got the popular vote.  Therefore the people of America have spoken.   This is what they want.  This is what they feel comfortable with.   But I dont want to hear ANY whining from ANYBODY about what possibly may happen with him Him in power.  Fool me once,  shame on you!  Fool me twice, shame on me?   Technically this is how that saying goes.  But you never know. Maybe it really IS the lefty libtards that are the problem.   Hopefully it IS the lefty libtards that are the problem and the Messiah Trump will BE the solution to ALL of our problems.   I will be the first one to apologize if He actually does fix America's and Canada's problems.  And unite ALL of the world and the world gets to sing Kumbaya ALL in unison. Hopefully He is the next coming of Christ.   Keeping my fingers crossed but I aint holding my breath if you know what I mean.   
    • G. David Felt
      Random Thoughts Thread

      By G. David Felt · Posted

      @oldshurst442 This pretty much sums up just how bad it is going to get. Trump's economic plans would worsen inflation, experts say | AP News
    • oldshurst442
      Random Thoughts Thread

      By oldshurst442 · Posted

      Not just iPhones... He tariffed Canadian wood the first time around as Pres and the prices of wood skyrocketed so American home builders bought American wood which was and is more expensive than Canadian wood.  I guess that is good for American wood producers. But for the fact that house prices also skyrocketed.  And considering that Canada and US have a more or less good trading thing going on...so not that good.  Not for the US and not good for Canada.  But Donald thinks otherwise. And all the folk that voted for him this time around think that the economy will get better?  I hope so for their sake. But Elon and Jeff B's billions rose quite a bit upon the announcement of his re-election.  I wonder if those  people that voted for him, I wonder if their wealth also rose instantly?    You poor bastards... You have no idea what is coming to you... (those that voted for him.  With the excemption of the rich of course)     Donnie Rides Again
    • oldshurst442
      Airplanes

      By oldshurst442 · Posted

  • Who's Online (See full list)

    • There are no registered users currently online

  • My Clubs

×
×
  • Create New...

Hey there, we noticed you're using an ad-blocker. We're a small site that is supported by ads or subscriptions. We rely on these to pay for server costs and vehicle reviews.  Please consider whitelisting us in your ad-blocker, or if you really like what you see, you can pick up one of our subscriptions for just $1.75 a month or $15 a year. It may not seem like a lot, but it goes a long way to help support real, honest content, that isn't generated by an AI bot.

See you out there.

Drew
Editor-in-Chief

I've whitelisted
Continue without support

Write what you are looking for and press enter or click the search icon to begin your search