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RMIF to set up car dealer bank

The Retail Motor Industry Federation is looking to establish a motor industry bank to provide car dealers with a protected finance resource that consumers will be able to access.

It is exploring the viability of joining an existing bank entity to establish a standalone motor industry finance facility.

RMIF will be taking its proposal to government within the next few weeks.

If such a facility happened it would be available to RMI members only which the organisation said would ensure its future financial risk credibility.

Chief executive Rob Foulston said: “The current economic situation has made it clear that the retail motor sector would benefit from having its own source for consumer finance.

“While credit is available, this additional resource can only be of benefit to the industry.”

He added: “By having its own finance house, the retail motor sector will have control over its own finance, and be able to market this directly to consumers and businesses.”
 

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