Gas-Powered Vehicle Owners & Dealers Left in the Dust
Yesterday, some details were released regarding Volkswagen’s settlement with diesel car owners and the federal government in regards to its diesel emissions scandal. In essence, Volkswagen is expected to either buy back the affected cars or fix the issues completely. These car owners will be fine, but what about the others who are associated with the brand?
It has not just been the company’s diesel car owners who have experienced a financial headache; the gas-powered cars have also been stigmatized with the shiny “VW” logo in front, leaving their owners with cars that have a list price approximately 2.7% below the average expected price (based on data from Autolist). As an indirect casualty, there is no remedy planned, leaving these owners to prepare for dealing with the emission scandal’s implications by themselves. Furthermore, the cars’ dealers across the country have had to deal with losses themselves, as prospective buyers consider competing automakers’ vehicles.
Among these dealers, one of the most outspoken has been Steve Kalafer of Hunterdon County, New Jersey. In an interview on CNBC after news of the scandal broke, he was quoted as saying that this was the biggest fraud in business that he has ever seen. So much so, that the Oscar-nominated filmmaker is currently working on a movie, Backfire, to “tell the truth” as he calls it.
What happens next? It remains to be seen where this saga goes next. Stay tuned.