Finance debt for new and used cars has risen to £40 billion per year, prompting concerns that consumers may default on agreements amid soaring living costs.
As the October 31 deadline for implementation plans for FCA Consumer Duty looms, compliance experts share their advice for UK motor retailers.
A new tax-efficient short subscription scheme for electric vehicles has been launched to target company employees.
Evolution Funding achieved a milestone of transacting £1bn in motor finance advances, with total platform transactions of more than £1.5bn.
Mark Steward will be stepping down as the FCA's executive director of enforcement and market oversight after seven years with the regulator.
FCA Bank Group has launched a new rental and mobility division called Drivalia to replace Leasys Rent.
Opteven UK will pursue a “digital transformation strategy” for its WMS automotive warranties operation under its new operations director Madjid Hadj-Amar.
As consumers are coming under increasing financial strain from soaring inflation and the cost-of-living crisis, so car dealerships are stepping up to help them through these challenging times.
The Motor finance market reported growth in both the value and volume of new business for the first time since March during August trading, the Finance and Leasing Association (FLA) has reported.
Automotive retail business have been reminded that they have until the end of October to ‘make a plan and do what it says’ to comply with the Financial Conduct Authority’s (FCA) new Consumer Duty regulations.
The Financial Conduct Authority has written to insurance sector CEOs as part of a bid to protect consumers from “unnecessary products or add-ons and unfair penalties” during the cost-of-living crisis.
Car retailers have been the target of a “veiled threat” from an overstretched HMRC after the Government body identified the sector as a VAT risk area, MHA has revealed.
The Bank of England has raised the UK interest rate by 0.5ppts to 2.25% in spite of Monetary Policy Committee (MPC) uncertainty over the best approach to stem inflation.
Lloyds Banking Group managing director Richard Jones will be leaving the company to join Motonovo.
Car retailers have been told “there can be no compromise” when it comes to the technology leveraged to ensure compliance with the Financial Conduct Authority’s (FCA) new Consumer Duty.
The automotive sector is braced for the impact of a record 0.75ppt rise in interest rates if the Bank of England acts to curb inflation next week.
The cost-of-living crisis is pushing new and used car buyers to opt for finance rather than cash purchases, research by What Car? has found.
AM is hosting a webinar for law firm Freeths this Thursday to give UK motor retailers insights into how they must prepare for the Consumer Duty, the new regime from the Financial Conduct Authority.
The used car sector delivered double-digit growth in the value of new business generated in July as supply issued continued to subdue new car registrations.
Motor finance providers are likely to tighten the criteria on which they base their lending, in order to minimise their risks during the cost of living crisis.
