Data analysis by Intelligent Motoring has revealed a 24% rise in the value of Guaranteed Asset Protection (GAP) insurance claims year-on-year (YoY).
Almost a third of British drivers (32%) are planning to hold on to their current vehicle for longer than planned due to the cost-of-living crisis.
Monthly payments on new car finance contracts have risen by more than 40% on some models since 2019, according to research by What Car?.
A selection of Q4 new car finance offers come under scrutiny for affordability and competitiveness.
The number of used car retailers who describe themselves as “pessimistic” about the sector’s current fortunes has almost quadrupled in the space of just a month.
A used car dealer who attacked a doorman with a machete during a night out has been banned from providing financial services by the FCA.
September recorded the UK’s lowest new car finance volumes since 2010 as supply issues continued to disrupt the automotive sector, the Finance & Leasing Association (FLA) has reported.
The Automotive 30% Club has welcomed Zuto chief executive James Wilkinson as the latest addition to its membership as it continues to drive towards a greater female representation in the automotive sector.
The National Franchised Dealers Association (NFDA) has warned that the Bank of England’s decision to raise the UK interest rate to 3% will make funding car purchases “harder for consumers”.
Pawnbrokers are the only lending provider deemed worse than motor finance at assessing customer vulnerability as UK households feel the impact of its cost-of-living crisis, an FCA report suggests.
Finance debt for new and used cars has risen to £40 billion per year, prompting concerns that consumers may default on agreements amid soaring living costs.
A new tax-efficient short subscription scheme for electric vehicles has been launched to target company employees.
Evolution Funding achieved a milestone of transacting £1bn in motor finance advances, with total platform transactions of more than £1.5bn.
Mark Steward will be stepping down as the FCA's executive director of enforcement and market oversight after seven years with the regulator.
FCA Bank Group has launched a new rental and mobility division called Drivalia to replace Leasys Rent.
Opteven UK will pursue a “digital transformation strategy” for its WMS automotive warranties operation under its new operations director Madjid Hadj-Amar.
The Motor finance market reported growth in both the value and volume of new business for the first time since March during August trading, the Finance and Leasing Association (FLA) has reported.
Automotive retail business have been reminded that they have until the end of October to ‘make a plan and do what it says’ to comply with the Financial Conduct Authority’s (FCA) new Consumer Duty regulations.
The Financial Conduct Authority has written to insurance sector CEOs as part of a bid to protect consumers from “unnecessary products or add-ons and unfair penalties” during the cost-of-living crisis.
Car retailers have been the target of a “veiled threat” from an overstretched HMRC after the Government body identified the sector as a VAT risk area, MHA has revealed.
The Bank of England has raised the UK interest rate by 0.5ppts to 2.25% in spite of Monetary Policy Committee (MPC) uncertainty over the best approach to stem inflation.
Lloyds Banking Group managing director Richard Jones will be leaving the company to join Motonovo.
Car retailers have been told “there can be no compromise” when it comes to the technology leveraged to ensure compliance with the Financial Conduct Authority’s (FCA) new Consumer Duty.
The automotive sector is braced for the impact of a record 0.75ppt rise in interest rates if the Bank of England acts to curb inflation next week.
The cost-of-living crisis is pushing new and used car buyers to opt for finance rather than cash purchases, research by What Car? has found.
