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They do. But if they base it on a reasonable definition of "excessive," the feds would likely look the other way. A flat $10k would almost certainly be considered excessive. If someone is looking at a $40k WT, $10k is a 25% markup. A dealer that chooses a relatively low markup as a percentage...

GM can declare them so. If GM decides an ADM is excessive, GM can declare it unethical. This would be a violation of the first clause excerpted in the letter. Excessive ADM's are detrimental to the reputation of at least the Dealer. They can also be detrimental to the reputation of GM or GM...