True or False: The Code of Ethics Regulations are considered legal authority in the automotive industry.

The Code of Ethics Regulations, while established to guide ethical conduct within the automotive industry, primarily serve as a framework for best practices and professional behavior rather than as a legal authority. These regulations are designed to endorse ethical dealings and maintain integrity among dealers and salespersons. They provide guidance on how to conduct business fairly and transparently, enhancing consumer trust in the automotive marketplace.

However, legal authority typically comes from legislation and regulatory bodies that enforce laws applicable to the industry. The Code of Ethics might help in establishing professional standards and expectations, but it does not carry the force of law that would classify it as legal authority. As such, the appropriate answer reflects the distinction between guidelines for ethical practices and enforceable legal statutes in the automotive sector.