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New FSA-compliant dealer insurance solution due for 9 March launch

Auto Network UK is to launch a new 'Insurance & Compliance Solution' for dealers at a debate hosted in London at the SMMT on 9 March.

Behind the launch is County Services, a subsidiary of Auto Data Network Inc, a US and Tunbridge Wells-based software and data services provider.

The event focusing on the EU Insurance Mediation Directive that becomes law in January 2005 will be chaired by Quentin Willson and will include a panel of representatives from trade organisations and the FSA.

County Services' solution claims to assist dealers through the process of seeking direct FSA authorisation, and to provide an alternative to direct authorisation through an Auto Network UK membership programme. Mike Millard, who heads up Auto Network UK says vehicle finance and insurance contributes 35% of dealer profits from 2% of their revenues – a ratio that could be seized on by direct lenders such as the Alliance & Leicester and the AA, which last week suggested car buyers should shun dealer finance in favour of savings of £1,000 or more from lower-rate personal loans.

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