Nikola founder and former CEO Trevor Milton says he has been pardoned by President Donald Trump, escaping a four-year federal prison sentence and $1 million fine. +
VicOne’s latest annual report finds cyberattacks cost the global automotive industry $22.5 billion last year — including $20 billion in data leakage — up from about $1 billion in 2022. +
Point Predictive’s latest Auto Lending Fraud Trends Report finds auto finance sources face an estimated $9.2 billion in loss exposure, fueled primarily by “first-party” credit application fraud. +
Attorney Tom Oscherwitz says generative AI-powered “deepfakes” are giving criminals new ways to defraud dealers and finance sources and spurring the development of new detection tools.+
Auto Dealership Partners has won an $18 million judgment against Ford Motor Co. after accusing the factory of engaging in “deceit and fraud” by blocking the purchase of a Benton, Ark., franchise. +
Wisconsin Department of Transportation officials are warning car buyers to be on the lookout for fraudsters posing as dealers by cloning websites and social media profiles and accepting payments via wire transfer. +
Former Honor Finance CEO James Collins has been sentenced to four years in federal prison and restitution totaling $67 million after pleading guilty in two bank fraud cases. +
Hyundai Motor America has been ordered to pay a multimillion-dollar award to Universal Hyundai of Orlando, Fla., for breaching Universal’s franchise agreement as well as Florida’s Dealer Act. +
The FTC announced checks totaling more than $934,000 have been sent to 20,361 Vroom customers harmed by violations of rules and regulations intended to protect used car buyers.+
DealNow’s Brad Parker says platforms that connect dealers with sellers of privately owned vehicles need built-in identity verification and fraud prevention tools to avoid costly mistakes. +
