The new car sales boom depends on cheap, available finance, but storm clouds are visible on the horizon.
Mike Dennett, managing director of BMW Financial Services, on how PCPs affect the market, the impact of the FCA and BMW’s digitally disruptive partners.
Whether car dealers like it or not, compliant F&I is a must, and many see self-service as the key.
The best advice from the F&I theatre at Automotive Management Live - sponsored by Car Care Plan and Alphera
Most of your customers visit your website and go on to buy cars using finance – make their journey as easy as possible.
Finance companies have adapted well to enhanced legislation, but say they are working hard to anticipate future changes to the industry.
Car-buyers increasingly expect a seamless online-to-showroom experience, including the opportunity to organise finance options.
The target-driven used car salesmen of yesteryear are being replaced by dealership ambassadors, who ‘consult’ with their customers rather than ‘closing’ them.
Dealers have traditionally been slow to embrace online sales, such as finance or GAP, and many are currently resisting selling extended warranties online.
Despite a bigger compliance burden, finance levels have grown strongly, but what can dealers do to make sure volumes, values and penetration continue to rise?
Insurers are concerned about the FCA’s definition of ‘value for money’ in add-on products.
Finance and insurance products face more regulation and scrutiny, but there are still ways for dealers to boost profits.
Insurance companies coping with the FCA’s new GAP regulations have nevertheless seen continuing growth in the past year.
Consumer confidence, dealer expertise and support from finance houses have led to PCP success in the past 12 months.
The first motor retailers received ‘landing slots’ for FCA credit authorisation in January of this year. Eight months on, dealers seem unfazed by the changes
Car manufacturer data can help franchised dealers spot the right time to target finance renewals.
New GAP guidelines apply from September 1 and although providers are confident, some remain concerned about profits
Warranties offer dealers increased revenues and retention from reassured customers.
Used car HP and PCPs are forecast to increase, but dealers still face challenges
As used car finance grows in importance, independent dealers face greater demands to comply with the credit watchdog.
Car dealers may have to change their approach to selling finance and insurance products, but profits can still be made
High street lenders shied away from car finance during the recession, but are beginning to flex their muscles. How can car dealers use the point-of-sale advantage to see them off?
The Financial Conduct Authority has conducted a study into the handling of vulnerable consumers by the finance and insurance sectors.
Devising a profitable stocking policy is not straightforward, but modern dealers have the benefit of new analysis tools, better market data and increased finance options
