By Tony Willard
Retail motor finance providers are preparing to step up training for dealers to make the most of the further growth in showroom loans that the Finance & Leasing Association is forecasting for 2013.
Showroom loans now top 70% of new car retail finance and are heading for 75%.
MotoNovo Finance is one lender committed to finance training for dealers, including both guidance on regulatory changes and selling skills. Karl Werner, head of sales and marketing, said regulatory changes would continue to enhance transparency and ensure customers are treated fairly.
“The opportunity for dealers is to gain the moral high ground so that car buyers increasingly view them as convenient, competitive and fair, and the place for car finance,” said Werner.
He said consumer scepticism and regulatory changes were real opportunities for dealer finance to differentiate itself and gain sales.
“To benefit, many dealers need to change their approach, developing their skills and processes and embracing a wider, more engaged view of finance online and in the showroom,” he added.
Werner said MotoNovo was providing showroom training, selling support and online products to drive change. He believes more dealers are now open to the idea of business development through training.
The company is recruiting to enlarge its field development team. MotoNovo regards compliance with regulatory developments as a natural part of training for motor retailers.
The company believes finance for used cars is a sector in which dealers need to become more accomplished.
“Dealers should take advantage of the current momentum because finance for used cars has been broadly static,” said Werner.