Counterfeiting Costs U.S. Economy $12 Billion, Says Industry Group

The manufacture and sale of so-called counterfeit parts, parts being fraudulently sold as brand-name products when they are in fact produced by independent companies, is costing the U.S. economy $12 billion a year and hundreds of thousands of jobs.
According to the Motor Equipment Manufacturers Association (MEMA), counterfeit parts affect the entire automotive supply chain automakers, suppliers and ultimately the consumer.
The Motor & Equipment Manufacturers Association (MEMA) and its three market segment associations Automotive Aftermarket Suppliers Association (AASA), Heavy Duty Manufacturers Association (HDMA) and Original Equipment Suppliers Association (OESA) will present a full day of speakers discussing the impact of counterfeit parts and intellectual property right violations in the automotive industry on Wednesday, October 1, at the Dearborn Hyatt, Dearborn, Mich.
Topics will include the impact on the automotive OE, aftermarket and heavy duty industries, what can be done about it and what other industries are doing to address intellectual property issues.
"Counterfeit parts result in lost jobs for workers, safety risks for drivers and passengers, and inferior quality parts for auto service providers," said Brian Duggan, MEMA’s director of international programs. "The U.S. Department of Commerce estimates that the auto industry could hire 210,000 more workers if the counterfeit auto parts trade disappeared," he added.