Spain Probes Possible Auto Cartel

Spain's national competition commission CNC says it is investigating allegations that 12 carmakers in the country and their dealers and distributors have shared commercially sensitive information to fix the prices of their vehicles and services.

The probe includes Chrysler, Fiat, Ford, General Motors, PSA, Toyota and Volkswagen, according to the anti-trust agency. It adds that lawbreakers could be fined as much as 10% of their annual revenue in Spain.

CNC raided the Spanish offices of automakers and their sales affiliates in June and July. The commission says it has established a "reasonable suspicion" that serious offenses have been committed.

Competition in the country has intensified as the car market there worsens. Volume fell 13% to 699,600 vehicles in 2012, according to industry group ANFAC. Last month, registrations dropped 18% to 38,000 vehicles.