Türkiye Probes Automobile Market Over Stockpiling, Price Hikes

Türkiye launched an investigation into the automobile sector over allegations of stockpiling and unjustified price increases. The probe will cover about 260,000 vehicles that were sold since September last year, the Treasury and Finance Ministry said in a statement, adding that detailed information had been requested from 13 distributors and 257 dealerships regarding the sale process of the vehicles.

Among others, buyers were also requested to provide information on whether they made payments for the vehicles in person. They were also asked whether they were forced to purchase accessories and whether the payments for these were made in person or via bank. The statement said inquiries were also made about cash proceeds and potential payments above list prices. Charges above list prices will be considered tax evasion, it underscored.