FTC: Car dealership didn’t display guides
Abernathy Motor Company of Jonesboro has been charged by the Federal Trade Commission with violating its Used Car Rule.
According to the FTC, Abernathy failed to display a buyer’s guide with warranty and other information on 71 different vehicles. Each of those violations could result in a civil penalty of $16,000.
Total penalties could eclipse $1.1 million.
Abernathy Motors, which operates four used-car locations in Arkansas, was one of 11 used-car dealerships cited in January 2013 for violation of the “Used Car Rule” in Jonesboro by the Southwest Region Office of the FTC. All of the dealerships except Abernathy were in compliance with the rule during followup visits.
Dealership owners Wesley and David Abernathy were cited as defendants in the case brought by the FTC.
A lawsuit was filed in the Eastern District of Arkansas Jonesboro division of U.S.
District Court.
- Chris Bahn
J.B. Hunt CEO earned $4 million in 2013
J.B. Hunt Transport Services Inc. Chief Executive Officer John N. Roberts III earned more than $4 million in 2013, according to the company’s annual proxy statement filed with the Securities & Exchange Commission.
Roberts earned more than $3.2 million in stock options on top of his $642,692 base salary, plus $146,050 in nonequity incentive plan compensation and about $25,000 in other compensation. His total compensation was up $668,377 from 2012.
J.B. Hunt’s executive vice president of finance and administration, David Mee, reported $2.6 million in compensation. Mee exercised $2.1 million in stock options.
Board Chairman Kirk Thompson, the company’s former CEO, earned $2.1 million in total compensation.
Terrence D. Matthews, executive vice president and president of intermodal operations, earned $3.75 million. He exercised $3.2 million in stock options.
Executive Vice President Craig Harper earned $1.7 million.
The Lowell-based trucking and transportation company reported more than $5 billion in revenue for 2013 with operating income of $575.7 million. Shareholders will have their annual meeting at 10 a.m. April 24 at J.B.
Hunt headquarters.
- Chris Bahn
Arkansas Index rises 0.62, ends at 331.38
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 0.62 to 331.38 Friday.
Winners and losers were almost evenly divided. Shares of Tyson Foods climbed 2.5 percent in average volume. Murphy Oil gained 2.1 percent.
For the week, 11 stocks declined and six advanced.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business, Pages 29 on 03/15/2014