During the CBT News Automotive Leadership Summit, Devin Daly, CEO of Impel, broke down how the Federal Trade Commission’s (FTC) pricing crackdown is pushing the industry toward overdue price transparency and how AI can help. Daly says with the right tools, dealers can stay FTC-compliant on pricing and even make it a marketing advantage.
"With AI, you can almost always 100% ensure that you're responding in an FTC compliant way." - Devin Daly
Key takeaways:
- Daly says the era of information asymmetry between dealers and buyers is over. Customers have instant access to market research from AI tools like ChatGPT. Beyond compliance, Daly says dealers should embrace price transparency to meet these informed customers where they’re at. Daly looks to the FTC’s pricing crackdown as a push in the right direction rather than a threat.
- AI isn’t just helping customers stay informed, Daly says AI is the practical tool to keep dealerships compliant. While workers can struggle to keep up with changing policies, Daly says a properly configured AI agent can produce an FTC-compliant price every time.
- Compliance can be viewed as a competitive edge rather than a burden, says Daly. A franchise dealer that follows the FTC guardrails can win on reputation against an independent that does not. Ultimately, Daly says dealers are a resilient group who have always found a way to turn shifts in the market into ways to make money and he expects they’ll do the same here.
To check out more interviews and event coverage of the CBT News Automotive Leadership Summit, click here.
