Dealers and manufacturers will soon be given the tool to update, track and measure the effectiveness of finance offers on new cars in a much simpler and cheaper way than has traditionally been available.
The Financial Conduct Authority (FCA) has begun a study into general insurance add-on products with an appeal for evidence of competition in the marketplace.
New figures released today by the Finance & Leasing Association (FLA) show that May 2013 was the seventeenth consecutive month of double-digit growth in the consumer new car finance market.
Commissioned videos and DVDs are helping retail car buyers to understand the complexities of motor loans
Lenders and dealers are striving to provide clear advice about loans as customers increasingly search online.
Dealers are being urged by broker Mann Island Finance to take the high ground on retail motor finance, saying its latest online forum review reveals confusion on websites.
Kia is attacking the summer market with £2,000 contributions on selected models and low finance deals to tempt customers into showroom in Q3.
Skoda is launching its summer sales initiative around the Solutions Personal Contract Plan (PCP) which will look to tempt customers with low monthly payments deals and 0% finance offers.
In May, 64,275 new cars were sold to retail buyers with dealer loans – a 27% year-on-year increase, says the Finance & Leasing Association.
Showroom loans in April for private drivers buying used cars increased by 26% to £756 million and by 22% in volume to 81,029 year-on-year, according to Finance & Leasing Association data.
The majority of lenders are expecting growth in the new car finance market this year, according to the Finance & Leasing Association (FLA).
Guy Allman, BTC chief executive, shared his views on how dealers could be missing out on on finance penetration with used cars.
ACF Car Finance has made its first move into city centre premises, triggered by the growing demand from credit-impaired used car buyers throughout North West England.
Mercedes-Benz has become the latest manufacturer to offer rival products through its leasing arm in an effort to achieve growth.
The HMRC is targeting car dealers registered as “high value dealers” to crack down on potential money laundering.
Double-digit car loan rises.
Customers may not in the end go for a deal on a car seen online, but it’s the hook to get them in touch with a dealer and possibly into the showroom, said James Broadhead, Close Motor Finance managing director.
Alphera Financial Services director Andy Gruber believes the use of appropriate technology is the best way for dealers to create long-term customer relationships.
MotoNovo says its MotoClick e-signature option helps customers finalise finance faster and speeds funds to dealers more quickly.
BCA Group will be launching a buyer stock funding product for smaller dealers who struggle to secure financial support from the banks and other traditional lenders to fund their purchases.
Greenhous, the AM100 top 10 Vauxhall and Volkswagen Commercial dealer group, has incorporated an online finance calculator for its used cars and vans.
The used car sector could follow the example of the new car market by offering longer warranties on mid-cost models, says The Warranty Group.
Chevrolet is planning to collaborate closely with GM Financial, a wholly owned subsidiary of General Motors, to develop more attractive financing offers for Chevrolet UK customers.
April marked the launch of the changing face of motor finance, with new regulatory authorities and a revamped Finance & Leasing Association ‘financing your car’ website.
A new Finance & Leasing Association website, with a commitment to ‘steer car buyers to better information’, was due to be launched by the end of last month.
