Italy fines car finance cartel $776mn

9th January, 2019 10:16:02 printer

MILAN: Italy’s anti-trust authority said Wednesday it has fined a swathe of top car makers, including BMW, Fiat-Chrysler, Ford and Toyota, 678 million euros ($776 million) for operating a financing cartel.

The car manufacturers and their respective banks which offer financing to customers purchasing vehicles were found guilty of running a cartel from 2003 to 2017, the AGCM competition authority said in a statement, reports AFP.

Cartel members also included General Motors, PSA (Peugeot-Citroen) finance institutions, Renault, Volkswagen, Santander Consumer Bank, and the Assofin and Assilea trade associations.