What is the maximum penalty for violating the Federal Trade Commission Used Car Rule?

The maximum penalty for violating the Federal Trade Commission Used Car Rule is indeed set at $16,000 per violation. This regulation was established to protect consumers by ensuring they receive accurate and truthful information about used cars. The hefty fine serves as a deterrent against deceptive practices by dealers, emphasizing the importance of transparency in the used car market. By imposing a significant penalty, the Federal Trade Commission aims to uphold consumer rights and promote fair competition among dealers. This value is adjusted periodically to reflect inflation and changes in economic conditions, making compliance more crucial for car dealerships.