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.
A naming dispute with another firm has led website and CRM software brand Motorlease to be relaunched as MotorComplete. The business is part of Auto Platforms
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.
Carparison general manager Matthew Woodward has described how the leasing broker’s operations were propelled to new heights following its AM Awards win.
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.
Car finance sales opportunities remain for motor retailers despite tougher economic conditions, new business models and the upcoming FCA Consumer Duty requirements
Digitalisation and flexible monthly payments or usership plans could pave the way for further innovation in the field of vehicle finance
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.
Much has been made of Prime Minister Rishi Sunak’s recent pledge to boost the economy, with commentators analysing how his priorities for 2023 will impact various sectors.
Renault Group’s Mobilize Financial Services has launched Lease&Co, a new leasing subsidiary that will specialise in flexible, use-based contracts, which will be promoted and supported by the dealer networks of its Alliance brands Renault, Dacia, Alpine and Nissan.
Thatcham Research will lead a project focused on EV collision repair and salvage processes and their impact on insurance claims and associated costs.
