Organisations within the automotive industry have responded to the Budget 2014 statement.
The impending legislation regarding consumer credit agreements and GAP products should be welcomed in the motor retail sector as an opportunity to demonstrate a ‘customer first’ approach to business.
The Financial Conduct Authority (FCA) is proposing a number of changes to the way GAP insurance is sold which it hopes will shake up the industry.
Dealers saw a 25% increase in consumer finance in January 2013 to 89,426 units, according to the latest figures released by the Finance and Leasing Association (FLA).
Figures from the Finance & Leasing Association (FLA) show growth of 25% in the number of cars bought by consumers using dealer finance in January 2014, compared with the same month last year.
Dealers are assessing the changes they need to make to their businesses to gain eventual full approval by the Financial Conduct Authority.
Lenders are urging dealers to prepare to make essential changes from April 1 when the Financial Conduct Authority becomes responsible for UK consumer finance standards.
Ssangyong is developing its first Personal Contract Purchase scheme as it looks to double sales in the UK this year.
Credit solutions provider Capquest has expanded into the motor finance sector by purchasing the business operations of British Credit Trust (BCT).
Williams finished 2013 at 118% of her financial targets - all delivered with a personal style that particularly impressed the auditors.
Motor dealers are waiting until the last minute to apply to the Financial Conduct Authority (FCA) for interim permission to continue providing motor finance, according to finance technology iVendi.
The new Honda Civic Tourer arrives in dealerships this week and will be available with finance offers including low monthly payments and 0% APR.
Figures released today by the Finance and Leasing Association (FLA) show that 74.2% of private new car sales were financed by FLA members in 2013, up from 71.2% the previous year.
Average payment protection insurance (PPI) pay outs are totalling £450 million a month and a BBC Radio 4 report is linking it to the boost in new car registrations.
Personal contract purchase (PCP) deals drove the new car market in 2013, but there are concerns for their future growth
The National Franchised Dealers Association (NFDA) today launched NFDA Compliance, a suite of resources to support its members as consumer credit regulation transitions to the Financial Conduct Authority (FCA).
One of the biggest stories at NADA 2014, the recent National Automobile Dealer Association conference in New Orleans, was the transparency of finance commission.
Volvo UK focussed its dealer network on selling PCPs in 2013 rather than large cash discounts and sales director Jon Wakefield is expecting the finance product to boost volumes further this year.
Motor retail lenders are urging dealers to prepare for online searches to increasingly influence how customers select cars and loans in 2014.
The gap between the most advanced car dealer websites and those “stuck in the last decade” is probably wider then ever, experts have warned.
