Ontario consumers continue to ‘buy with confidence’ thanks to Ontario dealers
This year marks the 25th year that the dealer-backed Motor Vehicle Dealers Compensation Fund has been protecting consumers.
The Compensation fund is the oldest and largest compensation fund for a car, truck, or motor vehicle in Canada.
Speaking at OMVIC’s AGM on May 25th, 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.”
Background
The idea came to fruition June 1st, 1986 when the Ontario motor vehicle sales industry came together with registered dealers, trade associations, and other industry decision-makers to create a groundbreaking fund entirely focused on Ontario’s multi-billion dollar automotive sales industry.
Since its inception, the 8,000 dealers that comprise Ontario’s motor vehicle industry wholly subsidize it.
Today
The Compensation Fund and its driving focus were recently reiterated by a revised version of the Motor Vehicles Act.
The recently revised Act, initially enacted in 2002, helps to fully disclose the details and pricing of motor vehicles in Ontario. This includes all-in pricing, full-pricing disclosure, full vehicle history disclosure and the eligibility to cancel a contract with 90 days.
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.”
