The SEC mentioned that between 2015 and 2019, BMW “maintained a reserve of unreported retail automobile gross sales — referred to internally because the ‘financial institution’ — that it used to satisfy inner month-to-month gross sales targets with out regard to when the underlying gross sales occurred.” That follow allowed BMW to take care of a number one retail gross sales place relative to different premium automotive firms, the company mentioned.
“A lot of the conduct at challenge within the SEC settlement occurred over three years in the past,” mentioned BMW’s assertion. “The BMW Group attaches nice significance to the correctness of its gross sales figures and can proceed to deal with thorough and constant gross sales reporting.”
The SEC is a watchdog for buyers, and BMW shares usually are not bought in US markets. However as a result of the German automaker usually sells bonds to US buyers — about $18 billion throughout the interval concerned — it was topic to the company’s oversight.