MOTOR VEHICLE DEALERS COMPENSATION FUND MARKS 25th YEAR AS ONE OF ONTARIO'S MOST SUCCESSFUL CONSUMER PROTECTION PROGRAMS

Ontario Motor Vehicle Industry Council (OMVIC) Acknowledges Over 8,000 Ontario-Registered
Vehicle Dealers for Backing and Advancing "Buy with Confidence" Campaign

OMVIC's AGM on Wednesday, May 25, 2011 Touts Compensation Fund's Consistent
Efficiency and Service to Eligible Claimants from All Walks of Life and Income Since 1986

TORONTO, May 25, 2011 /CNW/ - The Motor Vehicle Dealers Compensation Fund (BuyWithConfidence.ca) marks its 25th year at the Ontario Motor Vehicle Industry Council's (OMVIC) AGM on Wednesday, May 25 as one of Ontario's - and Canada's - most progressive consumer protection programs.

The Compensation Fund, a fully dealer-supported and funded trust, provides financial assistance to consumers who have a valid claim against an Ontario-registered dealer.  Consumers who are eligible for compensation from the Compensation Fund may qualify for up to $45,000 per vehicle transaction, the single largest compensation for a car, truck, motorcycle or any other motor vehicle anywhere in Canada. Consumers can only benefit from the Compensation Fund when they buy from an Ontario-registered dealer.  The Compensation Fund is also the oldest and largest automotive fund of its kind in Canada.

John Gerretsen, Minister of Consumer Services says, "Ontario continues to demonstrate its advanced leadership in consumer protection programs across the province.  The continuation of the Compensation Fund will ensure that Ontario consumers can 'Buy with Confidence' when purchasing vehicles from Ontario-registered dealers."

Working closely with OMVIC to make the province's vehicle buying public aware of the right way and wrong way to purchase a motor vehicle, the Compensation Fund has reimbursed claimants to the tune of $5 million in compensation over its 25-year history. Many of these claims were as a result of court-ordered judgments.

Speaking at OMVIC's AGM today, Compensation Fund Chair Peter Eatson said, "We can actually say that Ontario's consumers are learning to 'Buy with Confidence' from provincially-registered dealers who maintain this as an accessible and industry-leading compensation fund."

It was July 1, 1986 when the Ontario motor vehicle sales industry came together with registered dealers, trade associations, government ministries and other industry influencers and decision-makers to create a groundbreaking fund focused entirely on Ontario's multi-billion dollar vehicle sales industry.

Carl Compton, Executive Director of OMVIC comments, "The industry is a role model for multi-level teamwork.  We want Ontario consumers to know they enjoy a significant measure of protection when they purchase a vehicle from an Ontario-registered dealer or dealership that displays the blue and yellow 'Ontario Registered Dealer' decal."

According to Bob Beattie, Executive Director of Ontario's Used Car Dealers Association, "The launch of the Compensation Fund 25 years ago provided Ontario car purchasers with the greatest financial protection in North America and did much to enhance the image of our industry."

Consumer Paul Bremner benefited from the Compensation Fund in 2010 for reimbursement on a valid motorcycle purchase of $9,156 from a bankrupt Ontario-registered dealer. Within a relatively short time frame, Bremner received compensation for the full amount. "I am so grateful for a consumer protection program like this. Vehicles cost serious money and I would have had no other remedy available."

Bremner adds that he learned a valuable lesson from his online research for the lowest-priced product. "Never pay for a vehicle entirely upfront. Until you see what you have paid for, keep your money in your pocket. I was lucky that OMVIC was there for me."

About OMVIC:
Created in 1997, the Ontario Motor Vehicle Industry Council (OMVIC) (OMVIC.on.ca) regulates motor vehicle dealers in Ontario and enforces the Motor Vehicle Dealers Act (MVDA) on behalf of the Ministry of Consumer Services. OMVIC maintains a fair and informed vehicle sales marketplace by regulating dealers and salespersons, regularly inspecting Ontario's 8,000 dealerships and 23,000 salespeople, maintaining a complaint line for consumers and conducting investigations. OMVIC is also responsible for administering the Motor Vehicle Dealers Compensation Fund on behalf of its Board of Trustees.

About Motor Vehicle Dealers Compensation Fund:
The Motor Vehicle Dealers Compensation Fund is fully funded by Ontario's registered motor vehicle dealers and provides compensation to consumers who have a valid claim against an Ontario-registered dealer. Qualifying consumers may be eligible to receive up to $45,000 for each valid claim to the Compensation Fund. Since its inception on July 1, 1986, the Compensation Fund has paid out over $5 million to consumers. In 2011, the Compensation Fund celebrates 25 years of providing advanced consumer protection to Ontarians.

Ontario's Consumer Protection for Motor Vehicle Sales
The Facts:

Motor Vehicle Dealers Compensation Fund

  • The Motor Vehicle Dealers Compensation Fund has been providing advanced consumer protection to Ontarians since July 1, 1986 and in 2011 the Fund celebrates 25 years of consumer protection
  • The Compensation Fund:
    • Provides compensation to consumers who have a valid motor vehicle claim against an Ontario-registered dealer
      • Qualifying consumers may be eligible for up to $45,000 for each proven claim
    • Only provides protection to consumers who buy a motor vehicle for personal or family purposes - motor vehicles purchased for business purposes are not eligible
    • Is fully supported and funded by Ontario's 8,000 registered dealers
    • Has paid out over $5 million in compensation to eligible consumers
    • Is the oldest and largest fund of its kind in Canada and offers the highest amount of compensation in the country
  • The Compensation Fund is administered by the Ontario Motor Vehicle Industry Council (OMVIC) - the provincial regulator of the motor vehicle sales industry

Ontario Motor Vehicle Industry Council (OMVIC)

  • Founded in 1997, OMVIC'S mandate is to maintain a fair and informed motor vehicle sales marketplace
  • Administers the Motor Vehicle Dealers Act (MVDA) on behalf of the Ministry of Consumer Services
  • Licenses and regulates over 8,000 dealerships and 23,000 salespeople in Ontario
  • OMVIC provides the following services:
    • Registration: screens all dealer and salesperson applicants to ensure they meet the requirements outlined in the MVDA
    • Inspections, investigations & prosecutions: regularly inspects dealerships and records to make sure dealers/salespeople are in compliance with the Act.  It also investigates non-compliance, which may result in prosecution
    • Consumer complaints: responsible for handling disputes between consumers and registered dealers or between registered dealers themselves
    • Professional standards & public awareness: promotes dealer education programs and focuses on public awareness of consumer rights and responsibilities

Motor Vehicle Dealers Act, 2002

  • Came into effect on January 1, 2010 and provides advanced consumer protection to vehicle buyers in Ontario
  • Consumers that buy from Ontario's registered dealers have the following protections under the Act:
    • All-in pricing and advertising disclosure - no hidden fees or costs (excluding taxes and licensing)
    • Full disclosure of a vehicle's history including any major repairs or accidents
    • Rescission rights - if a registered dealer does not provide full disclosure in specific situations, a consumer may be eligible to cancel a contract within 90 days
    • Access to the Motor Vehicle Dealers Compensation Fund - consumers that buy, sell or lease a motor vehicle from an Ontario-registered dealer may be eligible for up to $45,000 in compensation from the Fund


SOURCE Ontario Motor Vehicle Industry Council - OMVIC

For further information:

Contact: Margo Rapport, H2 Central Marketing & Communications
Email: mrapport@h2central.ca
Phone: 416-862-2800 x268
Mobile: 416-895-5672

Profil de l'entreprise

Ontario Motor Vehicle Industry Council - OMVIC

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.