Luxury car retailer Romans International has launched its Elev8 Finance broker arm to the wider market after funding more than £300 million of supercar sales – including a £3.5m Ferrari Aperta.
The Financial Conduct Authority has warned motor finance firms not to repossess vehicles or end contracts with customers in financial difficulty due to the coronavirus pandemic.
Analysis of online activity over the last seven days indicate a potential rebound for the car retail market.
While new car sales have been impacted by UK showrooms closing, car manufacturers are still putting offers together for Q2 and customers can apply for credit.
The Financial Conduct Authority (FCA) has said that it expects motor finance providers to offer “exceptional and immediate support to customers facing payment difficulties” due to COVID-19 coronavirus.
Renault and Dacia have launched a new end-to-end online retail platform offering virtual showroom vehicle tours and a remote e-signature process allowing customers to buy a new car without entering a dealership.
The number of complaints about motor vehicle insurance products fell 13% to 242,041 in the second half of 2019 from 277,363.
Moneypenny and Inductus have joined the list of suppliers offering services for free in a bid to help car retail businesses cope better with the impact of COVID-19 cornoavirus.
Car dealers will return to a trading environment where tradition motor finance credit checks have reduced relevance as a result of cash-boosting measures introduced to boost personal finances.
New business volumes in the consumer car finance market fell 1% by volume but grew 2% in value in February 2020, data published by the Finance & Leasing Association (FLA) has shown.
The Finance and Leasing Association (FLA) wants Government and the Bank of England (BoE) to take urgent action to support the non-bank lending market durin the ongoing COVID-19 coronavirus lockdown.
Franchised car retailers have been accused of abusing the Government’s Job Retention Scheme (JRS) as businesses across the UK prepare for the opening of the HMRC's portal to register for the salary support.
Finance houses will soon ramp up help for customers struggling to pay their loans and motor finance contracts during the ongoing coronavirus crisis.
Ford has launched a new Peace of Mind finance plan that offers customers a six-month payment holiday to help new car and van buyers offset the impact of the COVID-19 coronavirus outbreak.
Car retail groups with revenues of up to £500 million are now eligible to apply for funding from the Government's Coronavirus Business Interruption Loans (CBIL) scheme in a bid to drive support during the COVID-19 lockdown.
The Financial Conduct Authority (FCA) has proposed a three-month temporary payment freeze on loan and credit card repayments to help consumers cope with the “unprecedented financial shock” triggered by the COVID-10 coronavirus lockdown.
Japanese and Korean manufacturers came out top for how retailers rated the competitiveness of their retail finance offers in the National Franchised Dealers Association (NFDA)’s latest Winter 2019/20 Dealer Attitude Survey (DAS).
The point of sale (POS) car finance market declined 2% by value and 5% by volume in January 2020, the Finance and Leasing Association (FLA) has revealed.
The Finance and Leasing Association’s (FLA) head of motor finance has said that every effort should be made to keep motorists “in their cars” as coronavirus inhibits some consumers’ ability to make repayments.
Chartered accountants UHY Hacker Young have prepared a guide to help car dealers prepare applications for Government loans set to help businesses following the COVID-19 coronavirus outbreak.
Car dealers have until next month to forge digital links to the HMRC’s VAT returns systems as the Making Tax Digital (MTD) enters the next phase of its roll-out to UK businesses.
The Bank of England has cut interest rates back to a record low of 0.25% in response to the economic impact of the coronavirus.
Ethos Asset Finance is responding to the rising demand for electric vehicles (EVs) with the launch of The Electric Broker.
The Finance and Leasing Association’s chairman has urged the sector’s regulators and policymakers to work more closely with the industry and ensure motor and asset finance is able to help the UK reach its zero emissions goal.
Confidence in the 2020 car retail market was expressed by 98% of respondents to a Close Brothers Motor Finance in a survey to gauge the mood among the sector’s businesses.
