Filed Under:Agent Broker, Personal Lines Business

Auto industry, U.S. regulators agree to boost safety recalls

U.S. Transportation Secretary Anthony Foxx speaks as auto executives listen at the North American International Auto Show in Detroit, Thursday, Jan. 14, 2016. (AP Photo/Paul Sancya)
U.S. Transportation Secretary Anthony Foxx speaks as auto executives listen at the North American International Auto Show in Detroit, Thursday, Jan. 14, 2016. (AP Photo/Paul Sancya)

(Bloomberg) -- The U.S. Transportation Department and 17 automakers are agreeing to work together on safety measures and to improve recalls while the companies also agreed to voluntarily work with the government to identify cybersecurity threats.

Automakers including General Motors Co., Ford Motor Co. and Toyota Motor Corp. agreed to reforms in the way they report fatalities, injuries and warranty claims to the government.

Company executives met with U.S. Transportation Secretary Anthony Foxx in Detroit Friday at the North American International Auto Show. They had met with Foxx in Washington in December.

Related: U.S. to speed rollout of self-driving cars by easing rules

The news follows an announcement yesterday in Detroit that the National Highway Transportation Safety Administration will allow automakers with safe autonomous vehicles to apply for exemptions to certain rules. It’s part of the new approach by the agency designed to ensure government doesn’t stand in the way of technological progress.

Regulators also announced their intention to award $4 billion in grants to fund demonstration projects that can help speed the reality of self-driving cars.

Last year, 10 companies committed to make automatic emergency braking standard in all new vehicles. The companies made the commitment rather than waiting for a federal mandate, NHTSA Administrator Mark Rosekind said at a speech in Detroit Tuesday.

The effort is a model of how the industry and U.S. regulators should work together in the future, Rosekind said, an effort he calls “proactive safety.”

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

NAPSLO 2016

 

Featured Video

Most Recent Videos

Video Library ››

Top Story

8 financial mistakes couples make that could derail retirement

Reaching the peak of financial success as a retired couple requires avoiding making these eight mistakes now.

Top Story

How to avoid becoming a victim of 'flood vehicle' fraud

Flood-damaged vehicles offer a tempting opportunity for criminals to defraud unsuspecting consumers.

More Resources

Comments

eNewsletter Sign Up

Agent & Broker Insider eNewsletter

Proven success tips and essential information to help agents and brokers grow their practice – FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.