The Finance and Leasing Association has granted SAF Approved status to a motor retailer for the first time.
Vertu Motors has been awarded SAF Approved status in recognition of its commitment to raising standards of knowledge on motor finance for the benefit of its customers.
Specialist Automotive Finance (SAF) was launched by the FLA to raise standards and improve knowledge in showrooms and increase customer confidence in finance.
More than 370 employees have passed the SAF test at Vertu Motors – which trades under the name of Bristol Street Motors – and 39 dealerships are SAF Approved.
To become SAF Approved all of a dealership’s staff who talk to customers about finance must have passed the online competence test. The test asks questions on the finance products available in showrooms and surrounding regulation.
For a dealer group to be SAF Approved, all individual outlets must first be SAF Approved. Records are audited by the FLA and any new dealerships acquired by a group have one month to register and pass the SAF test.
Paul Harrison, head of motor finance at the FLA, said: “I am delighted that one of the biggest car retailing groups in the UK has recognised the benefits of SAF Approved and I expect many others to follow suit.
Peter Stewart, director of business development for Vertu Motors, said the company has supported SAF since day one.
"We believe this will benefit our company, managers, sales executives and, most importantly, our customers through better information on finance.”