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.
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.
Livingstone Motor Group’s growth ambitions, the AM Awards 2023 launch and all the content from AM Live 2022 are all packed into the latest edition of AM magazine – out now.
Used car dealers are concerned that they will not be able to secure stocking finance for the new wave of electric vehicles (EVs) from China, when they reach the used market.
Consumer car finance registered growth for only the fourth time in 2022 as the sector delivered a 4% uplift by volumes and 9% by value.
Unprepared car retailers could be “heading for a fall” if they do not act fast to prepare for 2023’s ramp-up in compliance challenges, it has been claimed.
The Finance and Leasing Association (FLA) has called for reform of the Consumer Credit Act to be “comprehensive” as consultation on the plans opened today (December 9).
Former Mackie Motors managing director Kevin Mackie has won the right to appeal a ‘seismic’ High Court Judgment which could pave the way for an end to a seven-day termination period for franchised car retailers.
One-in-10 British drivers (10%) have been a victim of fraud when buying a car, research by Close Brothers Motor Finance has shown.
Half of consumers (52%) who bought a car using PCP are expected to refinance them, rather than trade in for a new car at the end of the contract, according to research by NTT Data UK&I.
Insurance firms have been warned not to undervalue cars when settling insurance claims and are being “watched closely” by the Financial Conduct Authority (FCA).
Consumer demand for motor finance remains strong despite surging interest rates, with engagement up 46% on pre-pandemic levels according to Auto Trader.
Zuto has increased its market share by 7% in the last year, outperforming the used car market which grew by 6% in the same period.
The automotive retail sector’s supply issues and buoyant used car residual values have been described as a “happy accident” preventing the motor finance sector from “blowing up”.
Single point dealer processes that track motor finance activity could prove essential to meeting the Financial Conduct Authority's (FCA) Consumer Duty principle, says iVendi.
The Financial Conduct Authority (FCA) has said that the finance sector needs “a higher quality of credit information” to ensure that consumers get accurate lending advice.
