Lending panels are favouring finance providers that can deliver a high degree of flexibility as dealers look to restart their businesses after the Coronavirus lockdown.
HM Treasury has appointed the current chief executive of London Stock Exchange Nikhil Rathi as the new permanent chief executive of the Financial Conduct Authority (FCA).
UK businesses were struggling to generate cash flow prior to the COVID-19 coronavirus, with car retailers among the nation’s worst performers, according to research published by BDO.
The Financial Conduct Authority (FCA) has extended the availability of payment freezes and interest-free overdrafts for a further three months in a bid to help consumers mitigate against the impact of the COVID-19 coronavirus.
Credit card firms could face significant damages claims after the Supreme Court dismissed an appeal by Visa and Mastercard, ruling that fees the companies were charging retailers restrict competition.
A new type of customer has emerged, the super-savvy, super-confident. These are the people buying pure electric vehicles (EV) during a pandemic, giving double digit growth in a market which is otherwise hardly moving.
The Financial and Leasing Association (FLA) has revealed that the COVID-19 lockdown caused consumer car finance market to slumped by 94% by volume and value during April.
Government’s ‘travel by car’ advice fuels hope for market revival
Coronavius crisis has meant FCA is putting back the release of car finance findings
Lenders are urged to treat customers fairly as the coronavirus pandemic leads to many borrowers facing financial difficulties
Imperial Cars has introduced a new finance offer allowing customers to defer paying for their new vehicle for up to three months.
Inchcape has appeared in a list of 53 businesses which have borrowed millions of pounds from the Bank of England under the Government’s Coronavirus Large Business Interruption Loan Scheme (CLBILS).
Automotive Services International has said automotive finance payment deferrals introduced during the coronavirus pandemic could see customers incur unintended costs.
As lockdown eases, dealers returning to trading on June 1 are likely to prompt a ‘step change’ in online motor retail, says iVendi.
MotoNovo Finance has announced it has seen a surge in proposal and business activity, since it revealed it was lifting lending restrictions.
Seat and Skoda are offering new car customers three months of free car ownership during the COVID-19 coronavirus lockdown as part of finance packages launched this week.
Six-in-10 car retailers believe that prolonged grants and support from Government are required to support the automotive retail sector through the COVID-19 coronavirus crisis as redundancies begin.
FCA compliance should not be forgotten when dealers are revising their sales processes to meet the Governments guidelines for social distancing.
Automotive payment provider Auto Service Finance (ASF) has secured new investment worth more than £14 million as buy now pay later finance dealers become more popular in the automotive sector.
The Finance and Leasing Association’s (FLA) has renewed its appeal for help from Government and the Bank of England as coronavirus impact sparks 1.2 million finance forbearance claims.
