A finance company demanded £2.3 million in compensation from a used car dealer who breached the terms of numerous motor finance loans through a series of “illegitimate side agreements”.
Forthcoming Financial Conduct Authority (FCA) changes to the motor finance sector should be embraced as a “promotional and profit opportunity” by used car dealers.
Paying up front for a new vehicle has continued to slow down as an increasing number of consumers demand increased flexibility, according to research from Close Brothers Motor Finance.
The UK’s consumer car finance market grew 1% by volume and 8% by value during August, according to new data from the Finance and Leasing Association (FLA).
AutoGuard Warranties has opened it’s second office in Belfast city centre to provide additional support to its network of dealers in Northern Ireland.
Cooke & Mason has changed its name to PIB Insurance Brokers as part of a nationwide rebranding programme aiming to simplify the business offering.
Car retailers have been urged not to not put their preparations to comply with the Financial Conduct Authority’s (FCA) Senior Manager Certification Regime (SM&CR) “on the back burner” as a result of the recent deadline extension.
Dealers need to be considering their lending panels to ensure they are fit for the COVID-19 coronavirus era used car market, says Startline Motor Finance.
Online car retailer Cazoo has attracted a new group of investors in a new funding round which has taken its overall financial backing to a record £450 million.
Almost a quarter of used car retailers have turned to Government-backed COVID-19 recovery loans or overdrafts to fund their forecourt stock since lockdown, NextGear Capital has found.
Santander Consumer Finance claims that it will “reduce margin costs and maximise sales” for car retailers with the launch of its new Your Red Car online marketing platform early next year.
The Finance and Leasing Association (FLA) has urged Government to not ‘prematurely end’ its COVID-19 finance support for UK business in a co-signed letter to Chancellor of the Exchequer Rishi Sunak.
The Financial Conduct Authority (FCA) has identified £3.7 billion in potential car and home insurance sector reforms being considered as part of a new consultation.
The motor finance sector must reinvent itself in light of the Financial Conduct Authority’s (FCA) new regulations which will ban all discretionary commission models from January 28.
Auto Trader and price comparison website CompareTheMarket have launched a Quick Quote service offering car buyers rapid access to insurance for their new car purchase.
The Finance and Leasing Association (FLA) is set to make submissions urging Government to extend its COVID-19 business lending and introduce tax incentives to boost the adoption of alternative fuel vehicles (AFV).
Insurers will have to pay out claims on business interruption insurance policies amounting to hundreds of millions of pounds after a High Court ruling this week.
Startline Motor Finance is expanding its team with 10 new positions, following a record three-month trading performance.
The new and used car finance markets returned to growth in July as showrooms across the UK re-opened their doors following the COVID-19 lockdown period, the Finance and Leasing Association (FLA) has confirmed.
Mervyn Stewart has launched a new Select Used Cars business after £2 million in new funding allowed the business to acquire and redevelop the site of its former Infiniti dealership in Belfast.
The NFDA has published a new consumer-facing car buying guide to help boost market confidence ahead of the crucial September number plate change month for retailers.
Car dealers and automotive businesses are being urged to apply for the Government-supported Coronavirus Business Interruption Loan Scheme (CBILS) before the window closes in September.
Alphera Financial Services has appointed BMW/Mini national leasing manager Adam Harley as its new head of key accounts.
Volkswagen UK has introduced a 0% APR finance payment option on aftersales work and accessories across the majority of its retail network.
The Finance and Leasing Association (FLA) has said that the consumer used car finance sector’s 9% growth by value and 2% by volume drove a market “bounce back” in June.
