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.
The Bank of England has raised interest rates by 5ppts to 4% – their highest level since October 2008.
Luxury used car retailer Autovogue has ceased trading after blaming “failing used Jaguar Land Rover vehicles” for its faltering financial fortunes.
Vauxhall has introduced a new two-year 0% PCP offer available across its entire passenger car range, including electrified models.
Volvo Financial Services UK has appointed Renault Group’s Louise O’Sullivan as its new commercial director.
Dealers must compile ‘accurate and timely’ management information (MI) in order to comply with the FCA’s new Consumer Duty responsibilities.
Onto has raised a new credit funding line of £100m from global investment group CDPQ and independent asset manager Pollen Street.
Alarm raised by the Financial Conduct Authority that some firms are behind in their planning with just six months until Consumer Duty rules comes into effect.
Zuto has reported record levels of applications for the weeks following Christmas 2022, with the trend continuing through January 2023.
The motor finance sector is expected to record a 6% rise in value despite supply shortages which “continued to weigh on its recovery” during Q4, the Finance and Leasing Association (FLA) has said.
