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- The Securities and Exchange Commission has launched an investigation into BMW Group, the German car manufacturer confirmed Tuesday.
- The investigation stemmed from scrutiny over the sales practices of the company.
- "We can confirm that we have been contacted by the SEC and will cooperate fully with their investigation," a BMW spokesperson told Business Insider.
- Visit Business Insider's homepage here.
The Securities and Exchange Commission has launched an investigation into BMW Group, the German car manufacturer confirmed Tuesday.
The investigation, which was first reported by The Wall Street Journal, stemmed from scrutiny over the sales practices of BMW. It involves a practice known as "sales punching," in which some loaner vehicles are reported as sold to make a company appear to have higher sales figures than it actually did.
"We can confirm that we have been contacted by the SEC and will cooperate fully with their investigation," a BMW spokesperson told Business Insider.
The SEC did not respond to an email requesting comment.
BMW said in an October report that it sold 25,440 vehicles, an increase of more than 9% from the same time a year earlier. The company's North American headquarters are in Woodcliff Lake, New Jersey.
In Europe, BMW faces separate scrutiny from regulators over alleged collusion to manipulate prices of emission-control technology.
