Vehicle Safety Improvement Act of 2014

Vehicle Safety Improvement Act of 2014 - Revises and expands requirements relating to public disclosure by the National Highway Traffic Safety Administration (NHTSA) of: (1) defects in motor vehicles or equipment, whether or not such defects are safety-related; and (2) noncompliance with vehicle safety standards. Requires: (1) public disclosure of early warning information submitted by vehicle manufactures unless exempt from disclosure by the Freedom of Information Act (FOIA), (2) public disclosure of summaries of NHTSA inquiries to manufacturers seeking additional information about fatal incidents, and (3) NHTSA to increase public accessibility to information on the vehicle safety databases of NHTSA and to issue a final rule requiring manufacturers to retain certain safety-related records for a 20-year period.

Increases civil penalties for violations of federal motor vehicle safety requirements.

Directs NHTSA to: (1) order notification and remediation of a defect or noncompliance, in motor vehicles or equipment, that presents an imminent hazard, and (2) issue a final rule to establish standards for reducing pedestrian injuries and fatalities. Authorizes NHTSA to enter into cooperative agreements and collaborative motor safety research and development agreements with foreign governments.

Prohibits a car dealer from selling or leasing a used motor vehicle until: (1) the dealer clearly and conspicuously notifies the purchaser or lessee, in writing, of any notification of a defect or noncompliance that has not been remedied; and (2) the purchaser or lessee acknowledges receipt of such notice.

Requires manufacturers who file for Chapter 7 bankruptcy protection (liquidation) to comply with their recall obligations (currently, this requirement applies only to manufacturers in Chapter 11 reorganization proceedings).