Lloyds Banking Group, which owns Black Horse Motor Finance and Lex Autolease, has put another £700 million into its pot for potential compensation while it awaits the outcome of the car loan commission saga at the Supreme Court.
Shares in Close Brothers have taken a sharp hit in the wake of a landmark ruling by the Court of Appeal, which determined that motor finance brokers must provide full disclosure on commissions when arranging car loans.
Aston Martin has selected Lloyds Banking Group as its retail finance provider for UK car sales.
Lloyds Banking Group managing director Richard Jones will be leaving the company to join Motonovo.
The UK’s automotive sector registered the fastest output growth of all sectors in August as it showed signs of strong recovery from the nation’s full COVID-19 lockdown earlier this year.
Sandicliffe Motor Holdings has revealed that it is eyeing “growth opportunities across the East Midlands region” after securing an £11m funding facility from Lloyds Bank Commercial Banking.
Batchelors of Ripon has revealed plans for expansion after securing a £650,000 funding package from Lloyds Bank.
The SMMT has insisted that future growth of UK automotive manufacturing is uncertain following the publication of results which showed the most productive H1 since the year 2000.
Banking giant Lloyds has announced it is closing its two car supermarkets, which operate under the Car Select brand.
Demand for UK-built cars shows “no sign of slowing” as the UK automotive manufacturing sector experiences 13.1% year-on-year growth, according to SMMT chief executive Mike Hawes.
After a booming year for the UK car industry, Stuart Apperley, director of automotive at Lloyds Bank, looks at the challenges and opportunities of 2016
