Coronavirus has driven an uplift in motor finance digital applications this year, but 2021 looks set to bring further effects for dealerships regulated by the Financial Conduct Authority (FCA). Here AM examines three key impacts.
In early 2021 the Financial Conduct Authority's ban on discretionary commission in motor finance will kick in. AM examines the impact on motor retailers.
The Financial Conduct Authority is keen for motor retailers providing consumer credit to be upfront about earning finance commission
How close is the industry to a fully-functioning online buying process? These keys may help speed it along.
The FCA replaced its ‘authorised person’ credit compliance system for car dealers with the Senior Managers & Certification Regime (SMCR) on December 9
Financial Conduct Authority says proposed rules on commission disclosure are designed to give buyers more clarity
A ban on interest-linked commissions will level the playing field, says Financial Conduct Authority
Leading insurance add-on companies aren’t blinking as the FCA takes increased interest
David Mercer, the MD of V12 Motor Finance, explains its new way of blending auction services, dealer funding and end-consumer finance for vehicles and repairs
PCH poses no risk to PCP’s growing dominance of used car finance, but finance experts believe subscription-based disruptors may still threaten market share
The Financial Conduct Authority’s findings on commissions, information disclosure and affordability have big implications for the motor retail industry
FCA clarity on commission fees is good news, say most industry observers
Cost controls and transparent performance updates are essential to retain lenders’ confidence in a struggling economy
The FCA’s inquiry raised serious concerns about car dealers and brokers manipulating finance rates to increase commissions
PCP accounts for more than 80% of the new car finance sold in the UK, but PCH is growing fast, mostly at the expense of hire purchase and personal loans
PCP still accounts for more than 80% of the market, but personal contract hire is growing faster than any other form of finance in new car retail
The future of motor finance - from MaaS to all-in-one payment models, to online finance – AM asks the experts what dealers can expect
Spencer Halil, director of Alphera Financial Services, why car dealers need better standards of training when it comes to finance sales.
Motor retailers need to be more conscientious than ever to avoid the consequences of mis-selling, delegates at Automotive Management Live were told.
Making sure your used car customer gets the right finance offer for them is paramount. We look at what works best in different situations
Tim Smith, Black Horse’s head of motor finance, explains why increased scrutiny of PCPs is a direct result of their success.
The internet is one of the dealer’s most powerful tools. Use it to show consumers how effective – and FCA-compliant – your specialist motor finance can be
Car dealers are being targeted by criminals making fraudulent car finance applications. Sgt Kate Jackson of the NVCIS explains how to spot them.
There may be some softening of demand over the year, but PCPs make getting a new car very affordable in comparison to HP or outright purchase. That way of funding their vehicle is very much part of the consumer psyche now.
AM asks industry experts to assess the risks facing motor finance in the UK. This week: Adrian Dally, head of motor finance, Finance and Leasing Association.
