S&P: Open-Access FeeSync ‘Right Thing to Do’ as FTC Targets Prices
S&P Global Mobility will offer its FeeSync fee structure platform to all U.S. auto dealers for no charge, the company announced, helping users comply with Federal Trade Commission rules against deceptive pricing tactics.
FeeSync powered by Market Scan was designed to offer a single, secure interface where dealers can update fee structures and grant or revoke access to vendor partners. In a release, S&P division president Aaron Baldwin says opening access to FeeSync is “the right thing to do” for dealers and car buyers.
“Dealers shouldn’t have to chase updates across a dozen vendors every time their fee structure changes, and consumers shouldn’t encounter different numbers depending on where they shop. The infrastructure to fix this should exist at the industry level, not at the dealership level — and we’re in a unique position to provide it,” Baldwin writes.
FeeSync will be made available to automotiveMastermind- and Carfax-partnered dealers in the coming weeks ahead of a broader rollout, according to the release.
Earlier this week, TrueCar announced a pricing policy change designed to promote FTC compliance by explicitly listing dealer and doc fees below the advertised price.
