(Bloomberg) -- Of the 23 Fiat Chrysler recalls that U.S.regulators investigated, three were so dangerous that thegovernment invoked its most potent power: requiring the company tobuy back the vehicles.

Owners of hundreds of thousands of pickups and SUVs will be ableto get rid of their trucks and get cash. In addition, owners ofabout 1 million older Jeeps with exposed fuel tanks could be ableto trade them in for $1,000 above fair market value toward anotherFiat Chrysler vehicle.

“Consumers are at the heart of this enforcement action,” U.S.Transportation Secretary Anthony Foxx said. “Automakers have aheavy responsibility to make sure their vehicles are safe.”

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.