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NCDA STATEMENT ON PETER GERMAN REPORT

NCDA STATEMENT ON PETER GERMAN REPORT

May 7, 2019

May 7, 2019

Vancouver BC – Blair Qualey, President and CEO of the New Car Dealers Association of BC, issued the following statement in response to the latest report from Peter German on the issue of money laundering:

“The New Car Dealers Association of BC (NCDA) applauds BC’s Attorney General for the latest report from Peter German on the issue of money laundering.

The NCDA is an association that represents 390 new car and truck dealers throughout British Columbia and as such, we can only speak on behalf of our members – who as franchises of OEMs, are held to their high standards – and have a long history of working with government and regulators to ensure all new car sales transactions they undertake are compliant with all applicable regulations.

New Car Dealers follow the requirements that have been established by the Vehicle Sales Authority (VSA), which provides regulatory oversight of motor vehicle sales in BC. Our members also fully report on qualifying transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), an independent government agency that works to detect, prevent and deter money laundering.

We agree that this review is important for British Columbians, and should there be regulatory changes to any reporting requirements with respect to new car sales, we certainly will comply as our members always do.”

About the New Car Dealers Association of BC: The NCDA is the provincial industry association that represents more than 390-new car and truck dealers throughout British Columbia. Members of the Association directly employ over 30,000 British Columbians and are responsible for $16 billion in retail sales in the province. The Association speaks on behalf of the retail new automotive industry to the public, media, and government, and deals primarily with the legal, environmental, and consumer issues relating to vehicle sales in British Columbia.

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Dealer Members with New Car Dealers Association

We represent more than 375 New Car Dealers throughout British Columbia.