kenneth-cheung/iStock(NEW YORK) — The Securities and Exchange Commission has reportedly opened an investigation into BMW’s sales practices.
Citing people familiar with the matter, the Wall Street Journal reports the agency wants to find out whether the German automaker partook in sales punching at its dealerships in the U.S. The practice involves a company boosting its sales figures “by having dealers register cars as sold when the vehicles actually are still standing on car lots,” the newspaper explains.
A BMW spokesman told the Journal the company had been contacted by the SEC and “will cooperate fully with their investigation.”
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