An April 30 deadline for motor finance providers to issue product reviews to their retail partners will put car dealers on a “compressed timeline” to deliver compliance with the Financial Conduct Authority’s new Consumer Duty regulations.
Car finance products are amongst the most confusing automotive terms for car buyers and it could be hampering sales, according to new research.
AutoProtect is urging automotive retailers that are offering PCH finance to consider how consumers can be better protected in the event of a vehicle write-off.
The Finance and Leasing Association has predicted a 6% decline in car finance during 2023 after new business volumes declined 5% in February.
Stellantis has set its sights on becoming the automotive sector’s “European leasing leader” after restructuring its finance and leasing operations.
Peter Vardy has expanded the reach of its CarMoney motor finance broker service outside the UK with the launch of a new operation in Perth, West Australia.
Motorists could face continued rises in electric vehicle (EV) insurance policy prices if carmakers fail to address batteries’ “unsustainable” performance in minor collisions.
Experts point to some of the structural elements which could help make car dealerships more sustainable in tough economic conditions, from rates reviews and refinancing to tax reliefs.
Motorists are being driven into a ‘trade down’ mindset as they explore ways to save cash during the UK’s cost-of living crisis, according to research from V12 Vehicle Finance.
The Financial Conduct Authority (FCA) has made Therese Chambers and Steve Smart its joint executive directors of enforcement and market oversight.
Dealers plan to cut back on staff training, headcount and social media spending as the cost-of-living crisis continues to harm businesses.
The Finance and Leasing Association has forecast a 6% decline in the value of the UK car finance sector in 2023 – with used car finance falling by 12%.
The high cost of finance is not holding back new car sales in the UK, but the average annual percentage rate (APR) for retail offers has broken into double figures at 12%.
Tight budgets mean a likely increase in the number of cars being driven without current MOT certificates, according to Halfords.
UK motor finance fintech Carmoola is poised to drive "ambitious growth aspirations" after raising a £8.5 million Series A round and £95 million debt facility.
Car retailers are being urged to contribute to a survey gathering information on behalf of the Office Zero Emissions Vehicles (OZEV) and could help shape future UK Government’s policy.
When the initial consultation for Consumer Duty was announced in May 2021 by the Financial Conduct Authority (FCA), it divided opinion.
More than a third (34%) of dealers are stocking more economical cars to meet the needs of buyers during the cost of living crisis.
Used car finance volumes grew by 8% as automotive supply issues left new car volumes 7% down in 2022, new data from the Finance and Leasing Association (FLA) has revealed.
Alphera Financial Services has appointed Tony Roff as its new head of key accounts and premium captives.
Failure to have appropriate processes to properly check affordability has left sub-prime firm Amigo Loans publicly censured by the FCA instead of a £72.9m fine.
Alphera Financial Services director Alex Royall highlights the importance of affordability checks to offer 'peace of mind' to motor finance customers in this AM opinion article.
Over a third of UK motorists are choosing to hold on to their cars longer as the cost-of-living crisis makes consumers increasingly averse to long-term finance agreements.
Helen Lumb, chief finance officer at Shire Leasing, has joined The Finance and Leasing Association (FLA) board.
The cost-of-living crisis is forcing motorists to consider changing to an alternative car or cut day-to-day spending to stay on the road, Carwow research shows.
