[chassis]

Agree, as a consumer I don't feel any wrong has been done with the practice of punching cars.

From an investor's point of view, if punching has always been part of the game, then it does not materially affect unit sales, and therefore revenue, when comparing financial time periods such as months, quarters or years.

Where I can see trouble from an investor's point of view, is that:

- if punching is on the increase, making prior period unit sales incomparable and, or
- if punched cars are not reported in either dealer or manufacturer (BMW) inventory valuation

Can anyone make a definitive statement on which company, the dealer or the manufacturer, holds title to a punched vehicle?