Backyard dealers are sending potentially lethal written-off cars back on the road to cash in on a shortage of vehicles, motor lobby groups have warned.
Used vehicle sales scams on the increase
Used vehicle sales scams on the increase
April 28, 2021
Now impersonating defence personnel, scammers are on track to cost Aussies more than $1 million this year
The Australian Competition and Consumer Commission (ACCC) has warned that scammers are now resorting to impersonating defence personnel as the used car market hits record highs in terms of both prices and sales volume due to high demand and low supply.
According to the ACCC, Australians have already lost over $288,000 to vehicle sales scams in the first quarter of this year – more than all losses reported to Scamwatch in 2019.
Photo: 123RF
The Financial Services Complaints (FSCL) organisation, which is funded by registered financial service providers, said people were increasingly having their cars repossessed after they bought them from sellers who did not disclose there was money still owed on the vehicle.
The FSCL would typically receive about one to two complaints a year about lenders seizing consumer s cars but was now seeing that many in a month. We re not seeing huge numbers overall but of course those are only the people who manage to find us, we don t know how many other people out there are facing the same problem, FSCL chief executive Susan Taylor said.
Three strategies to bolster your cashflow in 2021
Madgwicks Lawyers special counsel Catherine Ballantyne. Source: supplied.
It is a sobering reality that as Australia starts to come out of the COVID-19 pandemic, many businesses in the supply chain are likely to fail and cause a domino reaction with their contacts.
You need to set yourself up now to put yourself in the best position possible to recover your funds and keep your business in a steady cashflow.
This article looks at three strategies to put you in the best position to protect your business.
1. Review your contracts
Be aware of the