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.
Hartwell is increasing sales to existing customers that have bought on finance at its Abingdon Motor Village by targetting them 18 months before the end of term.
UK dealers paid their bills 1.7 days faster during Q1 2013 with 21.12 days beyond terms on average in comparison to 22.81 over Q1 2012.
Pendragon, the UK's largest franchised dealer group, expects to complete a refinancing of its debt next week.
Dealer new car loans 42% up.
New analysis from Experian, the global information services company, has revealed that of all the new and used cars bought through a motor finance deal during 2012, 54% cent changed registered keeper before the term was due to end.
The UK's largest franchised dealer group is planning action to refinance its debts.
Growth in insurance sales is leaving service advisers handling more claims.
Volkswagen is offering new vans from £199 a month (plus VAT and initial rental), deposit contributions of up to £2,000 and free servicing for Crafter models.
The number of new cars bought by consumers using dealer finance grew by 31% in February 2013 compared with same month in the previous year, according to the latest figures from the Finance and Leasing Association (FLA).
